Carolina Bank Holdings, Inc. Shareholders Approve Merger with First Bancorp
December 22 2016 - 10:23AM
On December 20, 2016, the shareholders of Carolina Bank Holdings,
Inc. (Nasdaq:CLBH) voted at a special meeting of shareholders to
approve the previously announced Agreement and Plan of Merger and
Reorganization, dated as of June 21, 2016, providing for the merger
of Carolina Bank Holdings with First Bancorp (Nasdaq:FBNC). The
votes cast by Carolina Bank Holdings shareholders in favor of the
proposal to approve the merger represented approximately 73.43% of
the company’s issued and outstanding common stock entitled to vote
as of October 21, 2016, the record date for the special meeting. Of
the shares voted, approximately 99.62% voted to approve the merger.
First Bancorp and Carolina Bank Holdings have
received approval for the merger from the North Carolina
Commissioner of Banks. An application for approval of the merger is
also currently under review by the Board of Governors of the
Federal Reserve System. The merger is expected to close during the
first quarter of 2017, subject to receipt of all required
regulatory approvals.
About Carolina Bank Holdings,
Inc.
Carolina Bank, the banking subsidiary of Carolina Bank Holdings,
Inc., began banking operations on November 25, 1996. The parent
company is a North Carolina corporation organized in 2000. The bank
is engaged in lending and deposit gathering activities in the
Piedmont Triad of North Carolina, with operations in four counties:
Guilford, Alamance, Forsyth and Randolph. The bank has eight
full-service banking locations, three in Greensboro, one in
Asheboro, one in High Point, one in Burlington, and two in
Winston-Salem. Residential mortgage loan production offices are
located in Burlington, Chapel Hill and Sanford in addition to a
wholesale residential mortgage operation in Greensboro. Carolina
Bank Holdings, Inc.’s stock is listed on the Nasdaq Global Market
under the symbol CLBH. Further information is available on the
company’s web site: www.carolinabank.com.
Caution Regarding Forward-Looking
Statements
This press release, in particular statements regarding the
proposed transaction between Carolina Bank Holdings, Inc. and First
Bancorp, the expected timetable for completing the transaction, and
any other statements about Carolina Bank Holdings, Inc. or First
Bancorp managements’ future expectations, beliefs, goals, plans or
prospects, includes forward-looking statements that are based on
certain beliefs and assumptions and reflect the current
expectations of Carolina Bank Holdings, Inc., First Bancorp, and
their respective management. Statements that are predictive in
nature, that depend on or relate to future events or conditions, or
that include words such as “believes,” “anticipates,” “expects,”
“continues,” “predict,” “potential,” “contemplates,” “may,” “will,”
“likely,” “could,” “should,” “estimates,” “intends,” “plans” and
other similar expressions are forward-looking statements. All
statements other than statements of historical fact are statements
that could be deemed forward-looking statements. Forward-looking
statements involve known and unknown risks, assumptions and
uncertainties that may cause actual results in future periods to
differ materially from those projected or contemplated in the
forward-looking statements, and you should not place undue reliance
on these statements. Some of the factors that could cause actual
results to differ materially from current expectations are: the
ability to consummate the proposed transaction; any conditions
imposed on the parties in connection with the consummation of the
proposed transaction; the occurrence of any event, change or other
circumstances that could give rise to the termination of the
agreement relating to the proposed transaction; Carolina Bank
Holdings, Inc.’s ability to maintain relationships with employees
and third parties following announcement of the proposed
transaction; the ability of the parties to satisfy the conditions
to the closing of the proposed transaction; the risk that the
proposed transaction may not be completed in the time frame
expected by the parties or at all; and the risks that are described
from time to time in Carolina Bank Holdings Inc.’s reports filed
with the SEC, including Annual Reports on Form 10-K, Quarterly
Reports on Form 10-Q and Current Reports on Form 8-K, and on
general industry and economic conditions. Carolina Bank Holdings,
Inc. disclaims any intention or obligation to update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise.
FOR ADDITIONAL INFORMATION, PLEASE CONTACT:
Carolina Bank Holdings, Inc.
T. Allen Liles, EVP and CFO
Telephone: 336-286-8746
Email: a.liles@carolinabank.com
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