First Bancorp in Southern Pines, N.C., and First Community Bancshares in Bluefield, Va., have agreed to exchange branches in two states.
The $2.5 billion-asset First Community said in a press release Friday that it will buy seven First Bancorp branches in the southwestern Virginia communities of Abingdon, Wytheville, Blacksburg, Christiansburg, Radford and Salem. First Community said it will also gain about $150 million in deposits.
The $3.4 billion-asset First Bancorp said in a separate release that it is set to acquire six First Community branches in the North Carolina cities of Winston-Salem, Mooresville and Huntersville, along with about $130 million in deposits.
Deposit premiums will be determined based on a scale of deposit account types, the companies said. The deals are expected to close in the third quarter.
All of First Bancorp’s performing loans will transfer to First Community, and a similar amount of First Community loans in North Carolina will transfer to First Bancorp. The companies estimated that a total of $175 million in loans will change hands.
"Through this transaction, both banks achieve further concentration of our banking operations in our respective core operating markets," William Stafford 2nd, First Community’s chairman and chief executive, said in his company’s release. "First Bank and First Community share many strategic and operating goals and philosophies. … We have developed the utmost respect for the management and employees of First Bank and look forward to working with them to conclude this transaction."
"This transaction complements recent investments by our bank in the Triad and Charlotte-Metro Regions," Richard Moore, First Bancorp’s CEO, said in a release. "Our customers will be in good hands."
