PR Newswirelast year
Under the terms of the merger agreement, 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. Per the merger agreement, 25% of the consideration will be paid in cash and the balance of 75% will be in newly issued shares of First Bancorp common stock. The mailing of materials regarding the election and exchange of Carolina Bank Holdings stock certificates will commence next week. Also under the merger agreement, Carolina Bank Holdings' subsidiary bank, Carolina Bank, has merged with First Bank, a North Carolina bank and the wholly-owned banking subsidiary of First Bancorp. First Bancorp plans to complete systems integration in August.