First Bancorp in Southern Pines, North Carolina, has agreed to buy First Carolina Bancshares in Florence, South Carolina. First Bancorp said in a press release that it will pay $166 million in cash and stock for the $831 million-asset First Carolina. The deal is expected to close in the fourth quarter or early next year.
Future Financial Bankshares has agreed to buy Palmer Bancshares in Palmer, Texas. Future Financial, an entity formed to buy a bank, did not disclose what it will pay for the parent of the $120.4 million-asset Commercial State Bank.
M&A News is reported by Paul Davis and reprinted with permission as an adaptation of the material from TheBankSlate.com.
