Southern Pines, North Carolina-based First Bancorp will acquire Florence, South Carolina-based First Carolina Bancshares Corp. in a $166 million deal expected to close by the first quarter of 2027, the lenders announced Tuesday.
The acquisition would push First Bank well past $13 billion in assets. The bank counted $12.9 billion as of March 31, and adding Carolina Bank & Trust, First Carolina’s subsidiary, would give it $831 million more.
The deal would also put 14 added branches under First Bank’s banner. The Tar Heel State lender counts 113 locations, including some in neighboring South Carolina…