First Bancorp and GrandSouth Bancorporation announced a merger where First Bancorp will acquire GrandSouth at a share value of $31.43 per share, or a total value of $181.1 million in an all-stock transaction.
GrandSouth is in great communities with talented bankers. Our cultures are very similar and we are excited to bring our teams together."
Mike Mayer, President and CEO of First Bank
Approved by the boards of directors of both companies, the merger is expected to close in the fourth quarter of 2022 or early first quarter of 2023. On closing of the merger agreement, shareholders of GrandSouth will receive 0.910 shares of First Bancorp. The combined company is also slated to have $12 billion in assets and $7 billion in loans, as well as $10 billion in deposits.
GrandSouth is currently operating through eight branches in key towns and cities in South Carolina. The merger will bolster First Bank’s specialization in small business banking.
We are very excited about this partnership and the unique opportunity it presents. We have long admired First Bancorp, and our combined company will be positioned to capitalize on an enhanced presence in exceptional markets, talent, and financial strength."
J.B. Schwiers, President and Director of GrandSouth