First Bancorp Acquires GrandSouth Bancorporation

January 1, 2023

First Bancorp (parent of First Bank) completed its acquisition of GrandSouth Bancorporation (the parent of GrandSouth Bank) effective January 1, 2023 in an all-stock merger (0.91 shares of First Bancorp per GrandSouth share). The deal expands First Bank's presence in South Carolina by adding GrandSouth's eight branches and is expected to accelerate First Bancorp's South Carolina growth, creating a combined company with approximately $12 billion in assets and 118 branches.

Buyers
First Bancorp
Targets
GrandSouth Bancorporation, GrandSouth Bank
Sellers
GrandSouth Bancorporation, GrandSouth shareholders
Location
South Carolina, United States
Transaction Type
Buyout

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