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First Bancorp reminds shareholders of its acquired Carolina Bank of election deadline.

M2 EQUITYBITES-March 31, 2017-First Bancorp reminds shareholders of its acquired Carolina Bank of election deadline


First Bancorp (NASDAQ:FBNC) disclosed on Thursday that the deadline for the shareholders of its acquired Carolina Bank Holdings Inc (NASDAQ:CLBH) election, to receive either cash or stock of First Bancorp for each share of their Carolina Bank Holdings' common stock, is 5 April 2017.

Also, as per the terms of the merger, shareholders have the right to receive either USD20.00 in cash or 1.002 shares of First Bancorp's common stock, subject to certain limitations, for each share of Carolina Bank Holdings common stock held. This is provided that in the total, 25% of the consideration is to be paid in cash and the balance 75% in newly issued shares of its common stock. Further, any over subscription of stock or cash will result in the allocations to effectuate the 75% stock and 25% cash overall mix, it added.

Additionally, the company said that in the week of 6 March 2017, it mailed materials regarding the election and the exchange of Carolina Bank Holdings stock certificates. The deadline is 17:00 hours on 5 April 2017, unless extended. Thereafter, the allocation of stock and cash will occur and shareholders can expect to receive their merger consideration within three weeks.

Finally, all queries regarding this matter may be directed to the information agent for the election, Georgeson Inc at 877 507 1756.

A bank holding company, First Bancorp is based in Southern Pines, North Carolina and has total assets of about USD4.3bn. Its owns and operates First Bank, a state-chartered community bank that operates 96 branches in North Carolina and South Carolina. It also has loan production offices in North Carolina.

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Publication:M2 EquityBites (EQB)
Date:Mar 31, 2017
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