First Savings Bancorp and First Bancorp Approve Merger

Shareholders for First Savings Bancorp (Nasdaq: SOPN) have approved a merger with First Bancorp (Nasdaq: FBNC) at a special shareholders meeting on June 26. The combined entity, to be known as First Bancorp, will operate with First Bank as its major subsidiary. The merger is subject to regulatory approval and is expected to create a formidable community-oriented bank serving 15 counties in North Carolina's Central Piedmont and Sandhills region. The new organization will leverage the strengths of both entities, combining mortgage and commercial banking expertise to offer a wider range of financial products to customers.

Key Takeaways:

• Shareholders for First Savings Bancorp approved a merger with First Bancorp on June 26.
• The combined entity, First Bancorp, will operate with First Bank as its major subsidiary.
• The merger is subject to regulatory approval and is expected to create a bank with total assets exceeding $900 million.
• The new organization will serve 15 counties in North Carolina's Central Piedmont and Sandhills region.
• First Bancorp will maintain its headquarters in Troy, NC, while First Bank will retain its presence in Southern Pines, NC.
• John Burns will serve as Executive Vice President of the combined entity, while Jimmie Garner will continue as President and CEO.
• Bill Samuels, Chairman of the Board for First Savings Bancorp, will join First Bancorp as Vice Chairman of the Board.

Statistics:

• Total assets of the combined entity are expected to exceed $900 million.
• 40 branches will serve the combined 15-county market area.
• 11 full-service offices are expected to serve Moore County.
• The new organization will serve 15 counties in North Carolina's Central Piedmont and Sandhills region.

Sources:

• "First Bancorp and First Savings Bancorp Announce Merger". PR Newswire, 27 June 2002.