Nelson Mullins served as legal counsel to First Carolina Bancshares Corporation and its subsidiary, Carolina Bank & Trust Company, in connection with its announced acquisition by First Bancorp, the parent company of First Bank, in a stock and cash transaction valued at approximately $166 million.

Under the terms of the definitive merger agreement, First Carolina shareholders will receive a combination of First Bancorp common stock and cash consideration. The transaction was unanimously approved by the boards of directors of both organizations and is expected to close in the fourth quarter of 2026 or early in the first quarter of 2027, subject to customary closing conditions, including shareholder and regulatory approvals.

Headquartered in Florence, South Carolina, Carolina Bank & Trust Company is a community bank with approximately $831 million in assets and a history dating back to 1936. The bank operates 14 branches across six South Carolina counties and has established a strong reputation for relationship-focused banking throughout the Pee Dee region.

The combination will enhance First Bancorp’s presence in South Carolina while providing Carolina Bank customers access to expanded resources, products, and services. Following the merger, the combined institution is expected to rank among the top ten banks for deposit market share in both North and South Carolina based on June 30, 2025, FDIC deposit data.

The Nelson Mullins team advised First Carolina throughout the negotiation, structuring, and documentation of the transaction. The team was led by Ben Barnhill with assistance from Neil Grayson, Brittany McIntosh, Clara Noble and Robbie Lindsay.

To read the full press release from First Bancorp, click here.