Bank / Credit Union

First Bancorp inks acquisition of GrandSouth

January 13, 2023

First Bancorp has officially acquired GrandSouth Bancorp, the parent company of GrandSouth Bank. With the acquisition, First Bancorp will have $12 billion in assets in 118 branches, according to a press release.

As part of the agreement, GrandSouth Bank will merge with First Bank, which will operate GrandSouth's eight branches under the GrandSouth name until a systems conversion in mid-March. In addition, GrandSouth shareholders will receive 0.91 shares of First Bancorp common stock for each share of GrandSouth common and preferred stock.

"We are very pleased with the merger with First Bank. The community model valued at both institutions is something our customers are accustomed to and enjoy. While we are working toward a smooth conversion we want to thank our customers and team members for their loyalty over the years," JB Schwiers, president and CEO of GrandSouth Bank, said in the release. "We have been warmly welcomed by the First Bank team members, and we expect a smooth integration for employees and customers alike. I would like also to thank GrandSouth shareholders and customers for the loyal support they have shown over the years and for what I expect will be many more years to come."