FIRST BANCORP /NC/ (FBNC) Form 424B3 — Oct 13, 2026
First Bancorp filed a 424B3 proxy statement/prospectus for its merger with First Carolina Bancshares, signed July 13, 2026. First Carolina shareholders will receive 14.5340 FBNC shares plus $294.94 cash per share, with First Bancorp issuing up to 1,967,017 shares (about 5% of its outstanding stock). The implied deal value per First Carolina share is roughly $1,163 at FBNC's October 6, 2026 close of $59.74, down from $1,228 at announcement. Cash consideration adjusts within a $110-125 million tangible common equity band, and a $6.4 million termination fee applies in certain circumstances.
Key figures
- Exchange Ratio
- 14.5340 FBNC shares per First Carolina share
- Termination Fee
- $6.4 million
- Shares To Be Issued
- 1967017
- Tce Adjustment Band
- $110.0M minimum to $125.0M maximum (TCE was $113.3M at June 30, 2026)
- Combined Total Assets
- $13.8 billion
- Implied Value Per Share
- $1,163.20 (as of Oct 6, 2026); $1,228.31 at announcement
- First Bancorp Total Assets
- $13.0 billion (June 30, 2026)
- First Carolina Total Assets
- $843.3 million (June 30, 2026)
- Cash Consideration Per Share
- $294.94
AI analysis
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