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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C. 20549
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FORM 8-K
PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): August 16, 1995
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FIRST BANCORP
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(Exact Name of Registrant as Specified in its Charter)
North Carolina 0-15572 56-1421916
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(State or Other Jurisdiction (Commission (I.R.S. Employer
of Incorporation) File Number) Identification Number)
341 North Main Street, Troy, North Carolina 27371-0508
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(Address of Principal Executive Offices) (Zip Code)
(Registrant's telephone number, including area code) (910)576-6171
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Not Applicable
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(Former Name or Former Address, if changed since last report)
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INDEX
FIRST BANCORP
Page
Item 5 - Other Events 3
Item 7 - Exhibits 3
Signatures 4
Exhibit 99 (a) News Release dated August 16, 1995 5
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Item 5 - Other Events
(a) On August 16, 1995, the Registrant's banking subsidiary, First
Bank, entered into a definitive agreement to purchase certain assets and
assume certain liabilities of the Laurinburg, North Carolina and Rockingham,
North Carolina branches of First Scotland Bank, Laurinburg, North Carolina.
As of June 30, 1995, assets to be acquired and liabilities to be assumed
related to these two branches were an estimated $17,074,000 and $15,925,000,
respectively. The transaction is structured as a purchase of certain assets
and assumption of certain liabilities with the purchase price to be
determined by adding (i) the book value of net assets acquired, as of the
closing date, and (ii) a $540,000 premium on the deposits assumed. The
transaction is expected to close in the fourth quarter of 1995 and is
subject to approval of First Scotland Bank's shareholders and the applicable
regulatory authorities. The news of the signing of the definitive agreement
was released on August 16, 1995, as evidenced by Exhibit 99(a) to this Form
8-K.
Item 7 - Exhibits
99 Additional Exhibits
(a) News Release dated August 16, 1995
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Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
FIRST BANCORP
August 30, 1995 BY: James A. Gunter
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James A. Gunter
President
(Principal Executive Officer),
Treasurer and Director
August 30, 1995 BY: Anna G. Hollers
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Anna G. Hollers
Executive Vice President
and Secretary
August 30, 1995 BY: Kirby A. Tyndall
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Kirby A. Tyndall
Senior Vice President
and Chief Financial Officer
Exhibit 99 (a)
Joint Announcement By
[First Bancorp logo here] & [First Scotland Bank logo here]
FIRST BANCORP TO ACQUIRE FIRST SCOTLAND BRANCHES
Wednesday, August 16, 1995 (For Immediate Release)
TROY, N. C. AND LAURINBURG, N. C. - First Bancorp and First Scotland Bank
jointly announced today that a definitive agreement has been reached for
First Bank, First Bancorp's banking unit, to acquire First Scotland Bank's
Laurinburg and Rockingham offices. As of June 30, 1995, estimated assets to
be acquired and liabilities to be assumed were approximately $17,074,000 and
$15,925,000, respectively. The transaction is structured as a purchase of
certain assets and assumption of certain liabilities with the purchase price
determined by adding the book value of net assets as of the closing date and
a $540,000 premium on the deposits assumed. The definitive agreement
differs in part from the agreement in principle announced in April in that
only First Scotland's Laurinburg and Rockingham offices will be acquired by
First Bank. The transaction is subject to the approval of First Scotland's
shareholders and the applicable regulatory authorities. Closing is
anticipated to be completed in the fourth quarter of 1995.
Jim Gunter, First Bank's President and CEO, said, "This union with First
Scotland will bring us another step closer to meeting our stated objective
of more effectively deploying our equity capital. We are confident that
this alliance will empower us to create a better future for our respective
customers, employees and the communities we serve. Our combined strengths
as service-oriented community banks will allow us to preserve and blend the
best traditions and values of both institutions."
E. W. (Woody) Davis, Jr., Chairman of First Scotland Bank, remarked, "This
new banking combination will allow our customers to benefit from a broader
range of financial products and services and to access a larger lending
capacity. The joining together of these two community banks with
unsurpassed commitments to quality service is a winning combination for
everyone. It will enhance our ability to more effectively anticipate and
respond to the needs of our customers and communities."
First Bank, based in Troy, North Carolina, is a state-chartered bank that
operates 30 branch offices in a nine county market area centered in Troy.
The common stock of First Bank's parent company, First Bancorp, is traded
over the counter through the NASDAQ National Market System under the symbol
FBNC.
For additional information, please contact:
First Bank - First Scotland Bank -
Mr. James A. Gunter Mr. E.W. Davis, Jr.
President & Chief Executive Officer Chairman of the Board
Telephone: (910) 576-6171 Telephone: (910) 692-0812
