Sept 27 - First Bancorp (NASDAQ: FBNC), the parent company of First Bank, and Four Oaks Fincorp Inc. (OTCQB: FOFN), the parent company of Four Oaks Bank & Trust Company, Four Oaks, N.C., jointly announce that First Bank has entered into a definitive agreement to purchase the Southern Pines and Rockingham, N.C., branches of Four Oaks Bank & Trust Company. The terms of the agreement provide for First Bank to acquire all of the deposits of each branch (approximately $64 million in total) and selected performing loans (approximately $22 million). First Bank currently has branches in each of these markets.
The agreement calls for First Bank to purchase the Rockingham branch building, while the Southern Pines branch facility will not be sold in this transaction and is expected to be closed by Four Oaks Bank on completion of the transaction. The purchased loans and assumed deposits currently at the Southern Pines branch will be initially assigned to First Bank's office located nearby at Pinecrest Plaza.
The transaction is subject to regulatory approval and is expected to be completed during the first quarter of 2013.
Jerry Ocheltree, president of First Bank, addressed the customers of these branches, "We look forward to continuing Four Oaks Bank's excellent tradition of customer service. We consider it a privilege to serve you. We'll be in touch soon regarding the details and timing of the transfer of your account to First Bank. Thank you for the opportunity to serve your banking needs."
Ayden R. Lee Jr., president of Four Oaks Bank, said, "We appreciate the opportunity to have served our customers in Rockingham and Southern Pines. We have made the strategic decision to focus our efforts closer to our home office. You are in good hands with First Bank."
First Bank was advised by Sandler O'Neill & Partners, L.P. and Four Oaks Bank & Trust Company was advised by Raymond James & Associates Inc.
About First Bancorp
First Bancorp is a bank holding company headquartered in Troy, N.C., with total assets of approximately $3.3 billion. Its principal activity is the ownership and operation of First Bank, a state-chartered community bank that operates 98 branches, with 82 branches operating in North Carolina, nine branches in South Carolina, and seven branches in Virginia, where First Bank does business as First Bank of Virginia. First Bank also has a loan production office in Blacksburg, Va. First Bancorp's common stock is traded on the NASDAQ Global Select Market under the symbol "FBNC." First Bancorp's website is www.FirstBancorp.com.
About Four Oaks Fincorp, Inc.
With $904.2 million in total assets as of June 30, 2012, Four Oaks Fincorp Inc., through its wholly owned subsidiary, Four Oaks Bank & Trust Company, offers a broad range of financial services through its sixteen offices in Four Oaks, Clayton, Smithfield, Garner, Benson, Fuquay-Varina, Wallace, Holly Springs, Harrells, Zebulon, Dunn, Rockingham, Southern Pines, and Raleigh, N.C. Four Oaks Fincorp Inc. trades on the OTC under the symbol "FOFN." Four Oaks Bank & Trust Company's website is www.fouroaksbank.com.