Filed by: First Bancorp
Pursuant to Rule 425 under the Securities Act of 1933
Subject Company: First Bancorp
Commission File No. 0-15572
THE FOLLOWING IS A PRESS RELEASE THAT WAS DISSEMINATED TO THE PUBLIC ON MARCH
24, 2000.
First Bancorp Reports Amendment
to Merger Agreement with First Savings Bancorp, Inc.
March 24, 2000 (For Immediate Release)
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Troy, NC - First Bancorp (NASDAQ - FBNC) announced today that its merger
agreement with First Savings Bancorp, Inc. dated December 15, 1999 has been
amended in the following respects:
o The agreement has been amended to state that First Bancorp's
expected annual dividend rate subsequent to the merger will be 88
cents per share (after applying the exchange ratio of 1.2468,
this is an equivalent dividend rate to First Savings shareholders
of $1.10). The agreement previously stated that the expected
annual dividend rate would be 76 cents per share.
o In a technical change, the agreement has been amended to state
that the legal merger of the two bank subsidiaries will occur as
soon as reasonably practical subsequent to the merger of the two
holding companies. The agreement previously stated that the
merger of the bank subsidiaries would occur immediately after the
merger of the two holding companies.
These amendments have been approved by the boards of directors of First Bancorp
and First Savings Bancorp, Inc.
Investors and security holders are advised to read the joint proxy
statement/prospectus regarding the merger referenced in the foregoing
information when it becomes available, because it will contain important
information. The joint proxy statement/prospectus will be filed with the
Securities and Exchange Commission by First Bancorp. Investors and security
holders may obtain a free copy of the joint proxy statement/prospectus (when
available) and other documents filed by First Bancorp at the Commission's
website at www.sec.gov. The joint proxy statement/prospectus and other relevant
documents may also be obtained from First Bancorp by directing such request to
First Bancorp, 341 North Main Street, Troy, North Carolina 27371-0508,
Attention: Anna G. Hollers, telephone: (910) 576-6171
