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Pending Acquisition | 6 Months Ended
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Jun. 30, 2016
Pending Acquisition/Divestiture [Abstract] |
Pending Acquisition/Divestiture | Note 16 – Pending Acquisition On June 21, 2016, the Company announced that it had reached an agreement to acquire Carolina Bank Holdings, Inc., headquartered in Greensboro, North Carolina, with a total deal value of $97.3 million. The merger consideration is a combination of both cash and stock, with each share of Carolina Bank Holdings stock being exchanged for either $20.00 in cash or 1.002 shares of First Bancorp stock, subject to the total consideration being 75% stock / 25% cash. Carolina Bank operates eight branches located in Greensboro, High Point, Burlington, and Winston-Salem, North Carolina and also operates three mortgage offices in North Carolina. The acquisition is a natural extension of the Company’s recent expansion into these high-growth areas. As of June 30, 2016, Carolina Bank Holdings had $706 million in total assets, $534 million in gross loans, and $599 million in total deposits. Subject to regulatory approval and the satisfaction of customary closing conditions, the transaction is expected to close in the fourth quarter of 2016 or the first quarter of 2017.

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- Definition The entire disclosure for pending business combinations, including leverage buyout transactions (as applicable), and divestitures. This may include a description of a pending business combination or divestiture (or series of individually immaterial business combinations or divestitures), including background, timing, and assets and liabilities recognized and reclassified or sold. This element does not include fixed asset sales and plant closings. + References No definition available. + Details
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