First Bancorp (FBNC) in Troy, N.C., has agreed to buy a branch from Four Oaks Fincorp (FOFN).
That branch is located in Rockingham, N.C. First Bancorp will also acquire $64 million in deposits and $22 million in loans associated with a branch in Southern Pines.
Four Oaks, a $904 million-asset company that shares a name with its hometown in North Carolina, said it will close the Southern Pines branch after the transaction closes. The companies did not disclose a price for the deal, which is expected to close in the first quarter.
First Bancorp, which had $3.3 billion assets at June 30, bought a branch in Wilmington, N.C., from Hampton Roads Bankshares (HMPR) last month.
