M&A - FIRST BANCORP /NC/

Form Type: 10-Q

Filing Date: 2025-05-09

Corporate Action: Acquisition

Type: Update

Accession Number: 000081158925000024

Filing Summary: On January 1, 2023, First Bancorp completed its acquisition of GrandSouth Bancorporation in an all-stock transaction, integrating its operations into existing First Bank operations. This acquisition was accounted for using the acquisition method of accounting, with assets, intangible assets, and liabilities recorded based on fair value estimates as of the acquisition date. Separate results of operations or balance sheet information for GrandSouth are not presented, as its operations have been fully integrated into First Bank.