SOUTHERN PINES, N.C.,
Oct. 2, 2017 /PRNewswire/
-- First Bancorp (NASDAQ: FBNC) announces today the completion
of its acquisition of ASB Bancorp, Inc. (NASDAQ: ASBB) ("ASB
Bancorp") on October 1, 2017. 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.
Richard Moore, CEO of First
Bancorp, stated, "We are very pleased with today's announcement
that our merger with ASB Bancorp is now official. We welcome
our new customers, associates, and shareholders to First
Bank. Asheville Savings Bank customers can expect to continue
to receive the same high level of service to which they are
accustomed. Additionally, Asheville Savings Bank branches
will continue to operate under their current name until a systems
conversion of customer accounts, which is scheduled for March
2018. We will be in touch with customers in advance of the
conversion to ensure a smooth transition." Mr. Moore
continued, "We also welcome Suzanne
DeFerie and Chip Gould to our
Board of Directors and look forward to working together for our
shareholders."
Suzanne DeFerie, President and
CEO of ASB Bancorp, Inc. stated, "We are very pleased with this
merger with First Bank. Both institutions share the same
community banking philosophy that our customers value so much.
Although we are closing one chapter in our company's history,
we believe we are starting another one that will be even
brighter. We have been warmly welcomed by the First Bank
folks, and we expect a smooth integration for employees and
customers alike. I would like also to thank ASB Bancorp, Inc.
shareholders and customers for the loyal support they have shown
over the years and for what I expect will be many more years to
come."
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.
RBC Capital Markets, LLC served as exclusive financial
advisor to First Bancorp and Brooks Pierce McLendon
Humphrey & Leonard LLP served as legal counsel. Keefe,
Bruyette & Woods, Inc. served as exclusive financial
advisor to ASB Bancorp and Nelson Mullins Riley &
Scarborough, LLP served as legal counsel.
About First Bancorp
First Bancorp is a bank holding company headquartered in
Southern Pines, North Carolina,
with total assets of approximately $5.2
billion. Its principal activity is the ownership and
operation of First Bank, a state-chartered community bank that
operates 108 branches in North
Carolina and South 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 First Bancorp 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 First Bancorp's
customers, First Bancorp'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 First Bancorp'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 First Bancorp undertakes no obligation
to update or revise forward-looking statements. First Bancorp
is also not responsible for changes made to the press release by
wire services, internet services or other media.
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SOURCE First Bancorp