<SEC-DOCUMENT>0001174947-17-000505.txt : 20170330
<SEC-HEADER>0001174947-17-000505.hdr.sgml : 20170330
<ACCEPTANCE-DATETIME>20170330170605
ACCESSION NUMBER:		0001174947-17-000505
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20170330
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20170330
DATE AS OF CHANGE:		20170330

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			FIRST BANCORP /NC/
		CENTRAL INDEX KEY:			0000811589
		STANDARD INDUSTRIAL CLASSIFICATION:	STATE COMMERCIAL BANKS [6022]
		IRS NUMBER:				561421916
		STATE OF INCORPORATION:			NC
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-15572
		FILM NUMBER:		17726690

	BUSINESS ADDRESS:	
		STREET 1:		341 NORTH MAIN ST
		STREET 2:		PO BOX 508
		CITY:			TROY
		STATE:			NC
		ZIP:			27371-0508
		BUSINESS PHONE:		9105766171
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>form8k-17548_fbnc.htm
<DESCRIPTION>8-K
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>UNITED STATES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION </B><BR>
<FONT STYLE="font-size: 10pt">Washington, D.C. 20549</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>FORM 8-K</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-right: 0; margin-left: 0"><B>CURRENT REPORT PURSUANT
TO SECTION 13 OR 15(d) OF THE<BR>
SECURITIES EXCHANGE ACT OF 1934 </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-right: 0; margin-left: 0">Date of Report (Date of
earliest event reported): March 30, 2017</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-right: 0; margin-left: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>First Bancorp</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Exact Name of Registrant as Specified in its
Charter)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD STYLE="width: 33%; font-weight: normal; text-align: center; text-decoration: underline"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">North Carolina</FONT></TD>
    <TD STYLE="width: 34%; text-decoration: underline; text-align: center"><FONT STYLE="font-size: 10pt"><U>0-15572</U></FONT></TD>
    <TD STYLE="width: 33%; text-decoration: underline; text-align: center"><FONT STYLE="font-size: 10pt"><U>&nbsp;56-1421916</U></FONT></TD></TR>
<TR>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">(State or Other Jurisdiction of</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">(Commission File Number)</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">(IRS Employer</FONT></TD></TR>
<TR>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;Incorporation)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Identification Number)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 40%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">300 SW Broad Street,</FONT></TD>
    <TD STYLE="width: 20%; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 40%; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-decoration: underline; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Southern Pines, NC 28387</U></FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-decoration: underline; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>28387</U></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Address of Principal Executive Offices) </FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Zip Code)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><U>(910) 246-2500</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Registrant&rsquo;s telephone number, including
area code)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-right: 0; margin-left: 0"><U>Not applicable</U><BR>
(Former Name or Former Address, if changed since last report)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-right: 0; margin-left: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-left: 0">Check the appropriate
box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the
following provisions:</P>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">[x]</TD><TD STYLE="text-align: justify">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">o</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Soliciting material pursuant to Rule 14a-12
under the Exchange Act (17 CFR 240.14a-12)</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">o</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Pre-commencement communications pursuant
to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">o</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Pre-commencement communications pursuant
to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</FONT></TD></TR></TABLE>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Item 8.01 Other Events.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">As previously reported, First Bancorp acquired
Carolina Bank Holdings, Inc. on March 3, 2017. The terms of the merger provided that for each share of Carolina Bank Holdings,
Inc. (&ldquo;Carolina Bank&rdquo;) common stock, shareholders have the right, subject to certain limitations, to receive either
$20.00 in cash or 1.002 shares of First Bancorp common stock, provided that in the aggregate, 25% of the consideration is to be
paid in cash and the balance of 75% will be in newly issued shares of First Bancorp common stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in"><FONT STYLE="color: #222222">First Bancorp
issued a press release today to remind former shareholders of Carolina Bank that the deadline for the election of their preferred
mix of stock and cash merger consideration is 5 p.m. on April 5, 2017, unless extended. </FONT>The complete text of the news release
is attached to this report as Exhibit 99.1 and is incorporated herein by reference.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 22.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Additional Information About the Carolina
Bank Acquisition and Where to Find It</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.3in">First Bancorp has filed
relevant documents concerning the Carolina Bank acquisition with the SEC, including a registration statement on Form S-4 which
includes a proxy statement/prospectus. Shareholders of Carolina Bank can obtain a free copy of the proxy statement/prospectus,
as well as other filings by First Bancorp, at the SEC&rsquo;s internet site (http://www.sec.gov). Copies of the proxy statement/prospectus
and the filings with the SEC that are incorporated by reference in the proxy statement/prospectus can also be obtained, without
charge, by directing a request to: First Bancorp, 300 SW Broad Street, Southern Pines, NC, Attention: Investor Relations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.3in">SHAREHOLDERS OF CAROLINA
BANK ARE URGED TO READ THE PROXY STATEMENT/PROSPECTUS AND OTHER RELEVANT DOCUMENTS FILED WITH THE SEC REGARDING THE TRANSACTION,
BECAUSE THEY CONTAIN IMPORTANT INFORMATION ABOUT THE TRANSACTION.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in"><B>Item 9.01</B></TD><TD STYLE="text-align: justify"><B>Financial Statements and Exhibits.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.25in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

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<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">(d)</TD><TD>Exhibits</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 1in">&nbsp;</TD>
    <TD STYLE="width: 1in; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 1pt solid"><B>Exhibit No.</B></P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 1pt solid"><B>Description </B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">99.1</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">Press release dated March 30, 2017 </FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SIGNATURES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.3in">Pursuant to the requirements
of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the
undersigned, hereunto duly authorized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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    <TD STYLE="padding-right: 0; padding-left: 0; text-decoration: none">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-decoration: none">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 0; padding-left: 0; text-decoration: none">FIRST BANCORP</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-decoration: none">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-decoration: none">
    <TD STYLE="padding-right: 0; padding-left: 0; text-decoration: none">&nbsp;</TD>
    <TD STYLE="width: 0.1in; padding-right: 0; padding-left: 0; text-decoration: none">&nbsp;</TD>
    <TD STYLE="width: 0.5in; padding-right: 0; padding-left: 0; text-decoration: none">&nbsp;</TD>
    <TD STYLE="width: 2.5in; padding-right: 0; padding-left: 0; text-decoration: none">&nbsp;</TD>
    <TD STYLE="width: 1in; padding-right: 0; padding-left: 0; text-decoration: none">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-decoration: none">
    <TD STYLE="padding-right: 0; padding-left: 0; text-decoration: none">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-decoration: none">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-decoration: none">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-decoration: none">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-decoration: none">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-decoration: none">
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; text-decoration: none">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; text-decoration: none">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; text-decoration: none">By: </TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; text-decoration: none; border-bottom: Black 1pt solid">&nbsp;/s/ Richard H. Moore</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: justify; text-decoration: none">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-decoration: none">
    <TD STYLE="padding-right: 0; padding-left: 0; text-decoration: none">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-decoration: none">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-decoration: none">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-decoration: none">Richard H. Moore</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-decoration: none">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-decoration: none">
    <TD STYLE="padding-right: 0; padding-left: 0; text-decoration: none">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-decoration: none">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-decoration: none">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-decoration: none">Chief Executive Officer</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-decoration: none">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Date: March 30, 2017</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>INDEX TO EXHIBITS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 1in; padding-right: 5.4pt; padding-left: 0">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 1pt solid"><B>Exhibit No.</B></P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 1pt solid"><B>Description </B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: justify"><FONT STYLE="font-size: 10pt">99.1</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">Press release dated March 30, 2017</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>



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<TYPE>EX-99.1
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<FILENAME>ex99-1.htm
<DESCRIPTION>EX-99.1
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="image_001.jpg" ALT="FB_Logo_NoMark_Bancorp_Red" STYLE="height: 22px; width: 284px"></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>News Release</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

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    <TD STYLE="width: 50%; text-align: justify"><FONT STYLE="font-size: 12pt">For Immediate Release:</FONT></TD>
    <TD STYLE="width: 50%; text-align: right"><FONT STYLE="font-size: 12pt">For More Information,</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt">March 30, 2017</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 12pt">Contact:&nbsp;&nbsp;Elaine Pozarycki</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 12pt">919-834-3090</FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0; text-align: center">First Bancorp Reminds Former Carolina Bank</P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0; text-align: center">Holdings, Inc. Shareholders of Election Deadline</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.3in"><B>Southern Pines, NC, March 30, 2017</B> &ndash;
As previously reported, First Bancorp (NASDAQ: FBNC) acquired Carolina Bank Holdings, Inc. (NASDAQ: CLBH) (&ldquo;Carolina Bank
Holdings&rdquo;) on March 3, 2017. The terms of the merger provided that for each share of Carolina Bank Holdings common stock,
shareholders have the right, subject to certain limitations, to receive either $20.00 in cash or 1.002 shares of First Bancorp
common stock, provided that in the aggregate, 25% of the consideration is to be paid in cash and the balance of 75% will be in
newly issued shares of First Bancorp common stock. Any oversubscription of stock or cash will result in the allocations described
in the merger agreement to effectuate the 75% stock and 25% cash overall mix.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.3in">Materials regarding the election for the preferred
mix of stock/cash, and the exchange of Carolina Bank Holdings stock certificates, were mailed the week of March 6, 2017. The deadline
for shareholders to return their properly reported election forms is 5 p.m. on April 5, 2017, unless extended. Subsequent to the
election deadline, the allocation of stock and cash will occur, and shareholders can expect to receive their merger consideration
within three weeks.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 22.5pt">Questions regarding the election materials
may be directed to the information agent for the election, Georgeson Inc., at 877-507-1756.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">###</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>About First Bancorp</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">First Bancorp is a bank holding company headquartered
in Southern Pines, North Carolina, with total assets of approximately $4.3 billion. Its principal activity is the ownership and
operation of First Bank, a state-chartered community bank that operates 96 branches in North Carolina and South Carolina. First
Bank also has loan production offices in Greensboro, North Carolina and Raleigh, North Carolina. First Bank also provides SBA loans
to customers through its nationwide network of lenders &ndash; for more information on First Bank&rsquo;s SBA lending capabilities,
please visit www.firstbanksba.com. First Bancorp&rsquo;s common stock is traded on The NASDAQ Global Select Market under the symbol
&ldquo;FBNC.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">Please visit our website at www.LocalFirstBank.com.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 157.5pt; text-indent: 0.25in"><B>&nbsp;</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 157.5pt"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">This press release contains forward-looking
statements within the meaning of Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform
Act of 1995, which statements are inherently subject to risks and uncertainties. Forward-looking statements are statements that
include projections, predictions, expectations or beliefs about future events or results or otherwise are not statements of historical
fact. Such statements are often characterized by the use of qualifying words (and their derivatives) such as &ldquo;expect,&rdquo;
&ldquo;believe,&rdquo; &ldquo;estimate,&rdquo; &ldquo;plan,&rdquo; &ldquo;project,&rdquo; &ldquo;anticipate,&rdquo; or other statements
concerning opinions or judgments of the Company and its management about future events. Factors that could influence the accuracy
of such forward-looking statements include, but are not limited to, the financial success or changing strategies of the Company&rsquo;s
customers, the Company&rsquo;s level of success in integrating acquisitions, actions of government regulators, the level of market
interest rates, and general economic conditions. For additional information about the factors that could affect the matters discussed
in this paragraph, see the &ldquo;Risk Factors&rdquo; section of the Company&rsquo;s most recent annual report on Form 10-K available
at www.sec.gov. Forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to
update or revise forward-looking statements. The Company is also not responsible for changes made to the press release by wire
services, internet services or other media.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">ADDITIONAL INFORMATION ABOUT THE CAROLINA BANK HOLDINGS, INC. ACQUISITION
AND WHERE TO FIND IT</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">First Bancorp has filed relevant documents concerning the Carolina
Bank Holdings acquisition with the Securities and Exchange Commission (the &ldquo;SEC&rdquo;), including a registration statement
on Form S-4 which contains a proxy statement/prospectus. Shareholders of Carolina Bank Holdings can obtain a free copy of the proxy
statement/prospectus, as well as other filings by First Bancorp, at the SEC&rsquo;s internet site (http://www.sec.gov). Copies
of the proxy statement/prospectus and the filings with the SEC that are incorporated by reference in the proxy statement/prospectus
can also be obtained, without charge, by directing a request to First Bancorp, 300 SW Broad Street, Southern Pines, NC, Attention:
Investor Relations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">SHAREHOLDERS OF CAROLINA BANK HOLDINGS ARE URGED TO READ THE PROXY
STATEMENT/PROSPECTUS AND OTHER RELEVANT DOCUMENTS FILED WITH THE SEC REGARDING THE TRANSACTION, BECAUSE THEY CONTAIN IMPORTANT
INFORMATION REGARDING THE TRANSACTION.</P>



<P STYLE="margin: 0"></P>

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