Southern Pines, North Carolina-based First Bancorp will acquire Florence, South Carolina-based First Carolina Bancshares Corp. in a $166 million deal expected to close by the first quarter of 2027, the lenders announced Tuesday.

The acquisition would push First Bank well past $13 billion in assets. The bank counted $12.9 billion as of March 31, and adding Carolina Bank & Trust, First Carolina’s subsidiary, would give it $831 million more.

The deal would also put 14 added branches under First Bank’s banner. The Tar Heel State lender counts 113 locations, including some in neighboring South Carolina.

The acquisition would land First Bank in the top 10 in deposit market share in North and South Carolina, the lender said, citing June 2025 data from the Federal Deposit Insurance Corp.

“Carolina Bank has deep roots in the communities it serves and a strong reputation for relationship-based banking,” First Bank CEO Adam Currie said in a statement Tuesday. “Carolina Bank's model of local decision-making, with lending and service supported by bankers who live and work in their communities, reflects the same principles that have guided First Bank's growth across the Carolinas.”

First Carolina shareholders will receive $40 million in cash as part of the deal, in addition to 1,967,017 shares of First Bank stock. The $166 million deal value is based on First Bank’s $64.22-per-share closing price from Monday.

Carolina Bank CEO Rick Beasley said the proposed tie-up with First Bank “brings together two organizations that share a commitment to community banking.”

“Our customers will benefit from expanded resources, while continuing to work with the team they know and trust,” Beasley said.

First Bank is set to announce its second-quarter earnings July 22.