First Bancorp completes acquisition of ASB Bancorp, reaches $5.2 billion in assets
Staff Writer |
First Bancorp announced the completion of its acquisition of ASB Bancorp.
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The merger solidifies First Bank's position as the leading community bank in North Carolina, with total assets of approximately $5.2 billion and over 100 branches throughout the Carolinas.
First Bank also offers insurance services through its wholly owned subsidiary, First Bank Insurance Services, and provides SBA loans to customers through its nationwide network of lenders.
Under the terms of the merger agreement, for each share of ASB Bancorp common stock, shareholders have the right, subject to certain limitations, to receive either $41.90 in cash or 1.44 shares of First Bancorp common stock, or a combination thereof.
Shareholders of ASB Bancorp were mailed election forms in August 2017 to choose their preferred mix of consideration, with the deadline to make elections expiring on September 18, 2017.
The preliminary results of the election indicate that shareholders who made an election will receive the consideration they requested. Each ASB Bancorp share for which no election was received is expected to receive approximately 0.53 shares of First Bancorp common stock and $26.46 in cash.
Shareholders will be mailed letters on or about October 2, 2017 with instructions on how to tender their shares of ASB Bancorp common stock for the merger consideration.
Also under the merger agreement, ASB Bancorp's subsidiary bank, Asheville Savings Bank, S.S.B., has merged with and into First Bancorp's subsidiary bank, First Bank.
First Bank will continue to operate the 13 branches of Asheville Savings Bank under the Asheville Savings Bank name until a systems conversion planned for March 2018. ■
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