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
- Industry
- Financial Services
- Location
- South Carolina, United States
- Transaction Type
- Buyout
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