Item 2.01 - Completion of Acquisition or Disposition of Assets
First Bancorp announced today the completion of its previously announced
acquisition of Select Bancorp, Inc. ("Select Bancorp") on October 15, 2021. The
complete text of the press release is attached to this report as Exhibit 99.1
and is incorporated herein by reference.
Item 5.02 - Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Pursuant to the Agreement and Plan of Merger and Reorganization between First
Bancorp and Select Bancorp dated June 1, 2021, First Bancorp agreed to appoint
two directors of Select Bancorp to the First Bancorp board of directors.
Accordingly, John W. McCauley and Carlie C. McLamb were appointed to the boards
of directors of First Bancorp and First Bank. Both boards have been expanded to
15 members. Their board committee assignments will be determined at a later
date. Other than their appointment pursuant to the Agreement and Plan of Merger
and Reorganization, there have been no transactions, nor are there any currently
proposed transactions, in which First Bancorp has or is to be a participant and
the amount involved exceeds $120,000 and in which Mr. McCauley or Mr. McLamb had
or will have a direct or indirect material interest.
Item 9.01 - Financial Statements and Exhibits
(a) Financial Statements of Businesses Acquired
In accordance with paragraph 9.01(a)(4) of Form 8-K, First Bancorp will file an
amendment to this Current Report on Form 8-K containing the financial statements
required by Item 9.01(a) not later than 71 calendar days after the date that the
initial Current Report on Form 8-K was required to be filed.
(b) Pro Forma Financial Information
In accordance with paragraph 9.01(b)(2) of Form 8-K, First Bancorp will file an
amendment to this Current Report on Form 8-K containing the financial statements
required by Item 9.01(b) not later than 71 calendar days after the date that the
initial Current Report on Form 8-K was required to be filed.
(d) Exhibits.
Exhibit No. Description
99.1 Press release dated October 18, 2021, announcing the completion of the
acquisition of Select Bancorp, Inc.
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