SLCT - First Bancorp to acquire Select Bancorp for $18.10/share in all-stock deal

First Bancorp (FBNC) down 0.44% premarket and Select Bancorp (SLCT) up 19.41% premarket after signing merger agreement under which First Bancorp will acquire Select in an all-stock transaction for ~$314.3M, or $18.10/share, based on First Bancorp's stock price as of May 28 .Under the terms of the agreement,  Select shareholders will receive 0.408 shares of First Bancorp's common stock for each share of Select common stock.The acquisition complements First Bank's existing footprint and provides entry into several new markets.The transaction is expected to close in Q4 of 2021.Upon completion of the acquisition, the combined company is expected to have over $9B in assets, $6B in loans, and $8B in deposits and represents an opportunity to further cement First Bank's position as the preeminent community bank in North Carolina.

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First Bancorp to acquire Select Bancorp for $18.10/share in all-stock deal