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Press Releases

June 21, 2022

Nelson Mullins Team Represents GrandSouth Bancorporation in Sale to First Bancorp

A Nelson Mullins team of Benjamin Barnhill, Brittany McIntosh, Richard Davis, Kenneth Janik, and Maurice Holloway advised GrandSouth Bancorporation (“GrandSouth”) of Greenville, South Carolina in its pending merger with First Bancorp ("First Bank") of Southern Pines, North Carolina. The two companies signed a definitive agreement for First Bank to acquire GrandSouth, subject to satisfaction of customary closing conditions, in an all-stock merger. The total current value of the deal is $181.1 million USD, or $31.43 per share, and is expected to close in the fourth quarter of 2022.

GrandSouth is a bank holding company with assets of $1.3 billion USD as of March 31, 2022. GrandSouth Bank provides a range of financial services to individuals and small- and medium-sized businesses. GrandSouth Bank has eight branches in South Carolina, located in Greenville, Fountain Inn, Anderson, Greer, Columbia, Orangeburg, and Charleston.

First Bancorp is a bank holding company headquartered in Southern Pines, North Carolina with total assets of approximately $10.5 billion USD as of March 31, 2022. Its principal activity is the ownership and operation of First Bank, a state-chartered community bank that operates 110 branches in North Carolina and South Carolina.

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