FIRST BANK COMPLETES GRANDSOUTH BANK CONVERSION

Rhea-AI Summary

First Bank has successfully completed its acquisition of GrandSouth Bank, enhancing its presence in South Carolina with 8 additional locations, including major cities like Greenville and Charleston. Following the systems conversion, the bank's total assets rise to approximately $12 billion, with $10.1 billion in deposits and $7.7 billion in loans. A notable aspect of this transition is the 94% retention rate of GrandSouth employees, showcasing a smooth integration. Mike Mayer, President and CEO, emphasizes long-term growth in the Carolinas, while former GrandSouth CEO, J.B. Schwiers, remains engaged in leadership, indicating confidence in future prospects.

Positive

• Acquisition of GrandSouth Bank expands First Bank's footprint with 8 new locations in South Carolina.
• Total assets reach approximately $12 billion, indicating substantial growth.
• Retention rate of 94% for GrandSouth employees demonstrates effective integration.
• Leadership stability with J.B. Schwiers continuing as President for South Carolina Region.

Negative

• None.

News Market Reaction – FBNC

-3.86%

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-3.86% News Effect

On the day this news was published, FBNC declined 3.86%, reflecting a moderate negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

SOUTHERN PINES, N.C., March 13, 2023 /PRNewswire/ -- This weekend, First Bank finalized its acquisition of GrandSouth Bank with a successful systems conversion between the banks. With the conversion, First Bank will add 8 locations to its South Carolina branch network, including 2 locations in Greenville and a location in Anderson, Charleston, Columbia, Fountain Inn, Greer and Orangeburg. The addition of GrandSouth Bank increased First Bank's total assets to approximately $12 billion with $10.1 billion in deposits and $7.7 billion in loans.

Mike Mayer, First Bank president and CEO, said of the conversion weekend, "All team members, at both organizations, worked very hard over many months and that work is evident in the smooth conversion. We are thrilled to welcome our newest First Bank team members and we look forward to serving the GrandSouth customers. Growing our South Carolina footprint has been a long-term priority for us and by partnering with GrandSouth we now serve all major markets in the Carolinas."

J.B. Schwiers, former CEO of GrandSouth Bank, will continue with First Bank as the President for the South Carolina Region. He is joined by 193 other GrandSouth employees that have transitioned to First Bank in various capacities, representing a 94% retention rate. Schwiers said of the transition, "We are proud to be a part of the best community bank franchise in the Carolinas. The alignment of our values and operating philosophies is so important and I believe we found a great match in First Bank. This is a win for all parties including our shareholders, customers, and employees. I truly believe we are better company together and the future of First Bank has never looked better."

First Bank is committed to the communities it serves and will continue to be a trusted partner for both personal and business customers banking needs but also many of the philanthropic initiatives within the markets served. This includes continuing sponsorships of events like the Hartwell Lake Charity Run in June, the Augusta Circle Circus coming up in April, sponsoring the First Bank Book Club giving books to children all over the Carolinas and supporting various non-profits and initiatives in the regions through the Power of Good.

Visit localfirstbank.com to learn more about our initiatives or to find any First Bank location in the Carolinas.

About us:
First Bank is the banking subsidiary of First Bancorp and is headquartered in Southern Pines, North Carolina, with total assets of approximately $12 billion. As a state-chartered community bank, First Bank operates 118 bank branches in North Carolina and South Carolina. Since 1935, First Bank has taken a tailored approach to banking, combining best-in-class financial solutions, helpful local expertise, and technology to manage a home or business. First Bancorp's common stock is traded on the NASDAQ Global Select Market under the symbol "FBNC." Visit our website at www.LocalFirstBank.com. Member FDIC, Equal Housing Lender.

www.LocalFirstBank.com

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SOURCE First Bank

FAQ

What did First Bank announce on March 13, 2023?

First Bank announced the successful acquisition of GrandSouth Bank, including a systems conversion and expansion of its branch network.

How many locations did First Bank add in South Carolina after the acquisition?

First Bank added 8 locations in South Carolina as a result of the acquisition of GrandSouth Bank.

What is the total asset value of First Bank following the GrandSouth Bank acquisition?

Following the acquisition, First Bank's total assets increased to approximately $12 billion.

What is the retention rate of GrandSouth employees after the acquisition by First Bank?

The retention rate of GrandSouth employees transitioning to First Bank is 94%.

Who is the current President for the South Carolina Region of First Bank?

J.B. Schwiers, the former CEO of GrandSouth Bank, is now the President for the South Carolina Region of First Bank.