SOUTHERN PINES, N.C.,
Feb. 17, 2017 /PRNewswire/
-- First Bancorp (NASDAQ - FBNC), the parent company of First
Bank, reports that it has received notification from the Federal
Reserve Bank of Richmond that the
Company's merger application to acquire Carolina Bank Holdings,
Inc. ("Carolina Bank Holdings") has been approved.
All regulatory approvals have now been received, and the holding
company merger date is expected to be March
3, 2017. Shortly after the merger date, Carolina Bank
Holdings shareholders will be mailed an election form with
instructions and a deadline for electing their desired mix of cash
and stock according to the terms of the merger.
Carolina Bank, the bank
subsidiary of Carolina Bank Holdings, will continue to operate as
Carolina Bank until it is merged
into First Bank, which is expected to occur this summer.
First Bank will be in regular communication with customers of
Carolina Bank prior to the bank
merger to ensure a smooth transition.
First Bancorp is a bank holding company headquartered in
Southern Pines, North Carolina,
with total assets of approximately $3.6
billion. Its principal activity is the ownership and
operation of First Bank, a state-chartered community bank that
operates 89 branches in North
Carolina and South Carolina. First Bank also has loan
production offices in Greensboro, North
Carolina and Raleigh, North
Carolina. First Bank also provides SBA loans to customers
through its nationwide network of lenders – for more information on
First Bank's SBA lending capabilities, please visit
www.firstbanksba.com. First Bancorp's common stock is traded
on The NASDAQ Global Select Market under the symbol "FBNC."
Please visit our website at www.LocalFirstBank.com.
This press release contains forward-looking statements within
the meaning of Section 21E of the Securities Exchange Act of 1934
and the Private Securities Litigation Reform Act of 1995, which
statements are inherently subject to risks and uncertainties.
Forward-looking statements are statements that include projections,
predictions, expectations or beliefs about future events or results
or otherwise are not statements of historical fact. Such
statements are often characterized by the use of qualifying words
(and their derivatives) such as "expect," "believe," "estimate,"
"plan," "project," "anticipate," or other statements concerning
opinions or judgments of the Company and its management about
future events. Factors that could influence the accuracy of
such forward-looking statements include, but are not limited to,
the financial success or changing strategies of the Company's
customers, the Company's level of success in integrating
acquisitions, actions of government regulators, the level of market
interest rates, and general economic conditions. For
additional information about the factors that could affect the
matters discussed in this paragraph, see the "Risk Factors" section
of the Company's most recent annual report on Form 10-K available
at www.sec.gov. Forward-looking statements speak only as of
the date they are made, and the Company undertakes no obligation to
update or revise forward-looking statements. The Company is
also not responsible for changes made to the press release by wire
services, internet services or other media.
ADDITIONAL INFORMATION ABOUT THE PROPOSED TRANSACTION WITH
CAROLINA BANK AND WHERE TO FIND IT
This communication includes statements made in respect of the
proposed transaction involving First Bancorp and Carolina Bank
Holdings, Inc. ("Carolina
Bank"). This material is not a substitute for the
proxy statement/prospectus or any other documents which First
Bancorp and Carolina Bank may send
to their respective shareholders in connection with the proposed
merger. This communication does not constitute an offer
to sell or the solicitation of an offer to buy any
securities.
In connection with the proposed transaction, First Bancorp has
filed with the SEC a Registration Statement on Form S-4 that
includes a proxy statement of Carolina
Bank and a prospectus of First Bancorp, as well as other
relevant documents concerning the proposed
transaction. Investors and security holders are also
urged to carefully review and consider each of First Bancorp's and
Carolina Bank's public filings with
the SEC, including but not limited to their Annual Reports on Form
10-K, their proxy statements, their Current Reports on Form 8-K and
their Quarterly Reports on Form 10-Q. BEFORE MAKING ANY
INVESTMENT DECISIONS, INVESTORS AND SHAREHOLDERS OF CAROLINA BANK
ARE URGED TO CAREFULLY READ THE ENTIRE REGISTRATION STATEMENT AND
PROXY STATEMENT/PROSPECTUS REGARDING THE PROPOSED MERGER AND ANY
OTHER RELEVANT DOCUMENTS FILED WITH THE SEC, AS WELL AS ANY
AMENDMENTS OR SUPPLEMENTS TO THOSE DOCUMENTS, BECAUSE THEY WILL
CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION.
Investors and security holders may obtain a free copy of the proxy
statement/prospectus and other filings containing information about
First Bancorp and Carolina Bank at
the SEC's website at www.sec.gov. Investors and security holders
may also obtain free copies of the documents filed with the
Securities and Exchange Commission by First Bancorp on its website
at http://www.localfirstbank.com and by Carolina Bank on its website at
http://www.carolinabank.com.
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SOURCE First Bancorp