First Bancorp’s $181.1 Million Acquisition of GrandSouth Bancorporation

Nelson Mullins Riley & Scarborough LLP advised GrandSouth Bancorporation of Greenville, South Carolina in its pending merger with First Bancorp of Southern Pines, North Carolina. Brooks Pierce represented First Bank.

The two companies signed a definitive agreement for First Bank to acquire GrandSouth, subject to satisfaction of customary closing conditions, in an all-stock merger. The total current value of the deal is $181.1 million USD, or $31.43 per share, and is expected to close in the fourth quarter of 2022.

GrandSouth is a bank holding company with assets of $1.3 billion USD as of March 31, 2022. GrandSouth Bank provides a range of financial services to individuals and small- and medium-sized businesses. GrandSouth Bank has eight branches in South Carolina, located in Greenville, Fountain Inn, Anderson, Greer, Columbia, Orangeburg, and Charleston.

First Bancorp is a bank holding company headquartered in Southern Pines, North Carolina with total assets of approximately $10.5 billion USD as of March 31, 2022. Its principal activity is the ownership and operation of First Bank, a state-chartered community bank that operates 110 branches in North Carolina and South Carolina.

The Nelson Mullins team comprised of Benjamin Barnhill (Picture), Brittany McIntosh, Richard Davis, Kenneth Janik, and Maurice Holloway.

The Brooks Pierce team included partners Bob Singer, Iain MacSween and Melissa Weaver.

Involved fees earner: Iain MacSween – Brooks, Pierce, McLendon, Humphrey & Leonard; Robert Singer – Brooks, Pierce, McLendon, Humphrey & Leonard; Melissa Weaver – Brooks, Pierce, McLendon, Humphrey & Leonard; Benjamin Barnhill – Nelson Mullins Riley & Scarborough LLP; Richard Davis Jr – Nelson Mullins Riley & Scarborough LLP; Maurice Holloway – Nelson Mullins Riley & Scarborough LLP; Kenneth Janik – Nelson Mullins Riley & Scarborough LLP; Brittany McIntosh – Nelson Mullins Riley & Scarborough LLP;

Law Firms: Brooks, Pierce, McLendon, Humphrey & Leonard; Nelson Mullins Riley & Scarborough LLP;

Clients: First Bancorp; GrandSouth Bancorporation;

Sonia Carcano

Author: Sonia Carcano