First Bancorp (NASDAQ:FBNC) Files An 8-K Completion of Acquisition or Disposition of AssetsItem 2.01 – Completion of Acquisition or Disposition of Assets
| Item 2.01. | Completion of Acquisition or Disposition of Assets. |
First Bancorp announced today the completion of its previously announced acquisition ofASB Bancorp, Inc. (“ASB Bancorp”) on October 1, 2017. The complete text of the press release is attached to this report as Exhibit 99.1 and is incorporated herein by reference.
| Item 2.01. | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
to the Agreement and Plan of Merger and Reorganization between First Bancorp and ASB Bancorp dated May 1, 2017, First Bancorp agreed to appoint Suzanne S. DeFerie, President and Chief Executive Officer of ASB Bancorp and its subsidiary bank, Asheville Savings Bank, S.S.B., and one additional representative of the ASB Bancorp board of directors, to the boards of directors of First Bancorp and its subsidiary bank, First Bank. On October 2, 2017, Ms. DeFerie and Mr. John B. “Chip” Gould were appointed to the boards of directors of First Bancorp and First Bank. Both boards have been expanded to 14 members. Their board committee assignments will be determined at a later date. Other than their election to the Agreement and Plan of Merger and Reorganization and Ms. DeFerie’s Settlement and Release Agreement and Employment Agreement, previously described in First Bancorp’s Registration Statement on Form S-4, there have been no transactions, nor are there any currently proposed transactions, in which First Bancorp has or is to be a participant and the amount involved exceeds $120,000 and in which Ms. DeFerie or Mr. Gould had or will have a direct or indirect material interest.
Item 2.01 Financial Statements and Exhibits.
(a) Financial Statements of Businesses Acquired
In accordance with paragraph 9.01(a)(4) of Form 8-K, First Bancorp will file an amendment to this Current Report on Form 8-K containing the financial statements required by Item 2.01(a) not later than 71 calendar days after the date that the initial Current Report on Form 8-K was required to be filed.
(b) Pro Forma Financial Information
In accordance with paragraph 9.01(b)(2) of Form 8-K, First Bancorp will file an amendment to this Current Report on Form 8-K containing the financial statements required by Item 2.01(b) not later than 71 calendar days after the date that the initial Current Report on Form 8-K was required to be filed.
(d) Exhibits.
FIRST BANCORP /NC/ ExhibitEX-99.1 2 ex99-1.htm EX-99.1 News Release For Immediate Release: For More Information,…To view the full exhibit click here
About First Bancorp (NASDAQ:FBNC)
First Bancorp is the bank holding company for First Bank (the Bank). The Company’s principal activity is the ownership and operation of First Bank. The Company engages in a range of banking activities, including the acceptance of deposits and the making of loans. The Company offers credit cards, debit cards, letters of credit, safe deposit box rentals and electronic funds transfer services, including wire transfers. In addition, the Company offers Internet banking, mobile banking, cash management and bank-by-phone capabilities to its customers. The Company also offers a mobile check deposit feature for its mobile banking customers that allows them to deposit checks through their smartphone. The Company offers remote deposit capture for its business customers. The Company conducts business from approximately 90 branches. The Bank’s subsidiaries include First Bank Insurance Services, Inc. (First Bank Insurance) and First Troy SPE, LLC.
