SOUTHERN PINES, N.C.,
March 3, 2017 /PRNewswire/ -- First
Bancorp (NASDAQ: FBNC) announced today the completion of its
previously announced merger with Carolina Bank Holdings, Inc.
(NASDAQ: CLBH) ("Carolina Bank Holdings").
Under the terms of the merger agreement, for each share of
Carolina Bank Holdings common stock, shareholders have the right,
subject to certain limitations, to receive either $20.00 in cash or 1.002 shares of First Bancorp
common stock. Per the merger agreement, 25% of the
consideration will be paid in cash and the balance of 75% will be
in newly issued shares of First Bancorp common stock. The
mailing of materials regarding the election and exchange of
Carolina Bank Holdings stock certificates will commence next
week.
Also under the merger agreement, Carolina Bank Holdings'
subsidiary bank, Carolina Bank, has
merged with First Bank, a North
Carolina bank and the wholly-owned banking subsidiary of
First Bancorp. First Bancorp plans to complete systems
integration in August.
About First Bancorp
First Bancorp is a bank holding company headquartered in
Southern Pines, North Carolina,
with total assets of approximately $4.3
billion. Its principal activity is the ownership and
operation of First Bank, a state-chartered community bank that
operates 96 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 CAROLINA BANK HOLDINGS,
INC.
ACQUISITION AND WHERE TO FIND IT
First Bancorp has filed relevant documents concerning the
Carolina Bank Holdings acquisition with the Securities and Exchange
Commission (the "SEC"), including a registration statement on Form
S-4 which contains a joint proxy statement/prospectus.
Shareholders of Carolina Bank Holdings can obtain a free copy of
the proxy statement/prospectus, as well as other filings by First
Bancorp, at the SEC's internet site (http://www.sec.gov). Copies of
the proxy statement/prospectus and the filings with the SEC that
are incorporated by reference in the proxy statement/prospectus can
also be obtained, without charge, by directing a request to First
Bancorp, 300 SW Broad Street, Southern
Pines, NC, Attention: Investor Relations.
SHAREHOLDERS OF CAROLINA BANK HOLDINGS ARE URGED TO READ THE
PROXY STATEMENT/PROSPECTUS AND OTHER RELEVANT DOCUMENTS FILED WITH
THE SEC REGARDING THE TRANSACTION, BECAUSE THEY CONTAIN IMPORTANT
INFORMATION REGARDING THE TRANSACTION.
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SOURCE First Bancorp