Brooks Pierce Represents First Bank in South Carolina Expansion


Brooks Pierce partners Bob Singer, Iain MacSween and Melissa Weaver represented First Bancorp (Nasdaq: FBNC), the parent company of First Bank, in its recent $181.1 million acquisition of GrandSouth Bancorporation, the parent company of GrandSouth Bank.

The sale is expected to close in late 2022 or early 2023. Once the acquisition has closed, the combined company is expected to have over $12 billion in assets, $7 billion in loans and $10 billion in deposits.

First Bank operates 110 branches in North Carolina and South Carolina and is the largest community bank based in North Carolina. GrandSouth Bank has eight branches in South Carolina.

Singer represents financial institutions on a myriad of corporate, regulatory and operational issues. He has extensive experience in the negotiation and closing of large commercial loans and acquisitions of mid-market companies. Additionally, he serves as counsel for the North Carolina Bankers Association.

MacSween represents financial institutions and their holding companies on a variety of corporate, regulatory and operational issues, including in connection with their regulation and supervision by the North Carolina Commissioner of Banks, the Federal Deposit Insurance Corporation (FDIC), the Board of Governors of the Federal Reserve System, NASDAQ and the Securities and Exchange Commission as well as other federal and state regulators.

Weaver has practiced employee benefits law for over 35 years and has considerable experience assisting clients in the design, implementation and administration of executive compensation and non-qualified deferred compensation plans, including employment agreements, equity compensation plans, SERPs, severance agreements and compliance with Section 409A of the Internal Revenue Code. She often advises on the treatment of such plans in the context of mergers, acquisitions and corporate reorganizations. 

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