Brooks Pierce partners Bob Singer and Iain MacSween represented First Bancorp in its recent acquisition of Select Bancorp Inc, the parent company of Select Bank & Trust Company with $1.8 billion in assets. The merger solidified First Bank’s position as the largest community bank headquartered in North Carolina with total assets of $10.4 billion and more than 120 branches.
Under the terms of the agreement, Select Bancorp shareholders received 0.408 shares of First Bancorp common stock for each share of Select Bancorp common stock. Also under the agreement, Select Bank has merged with First Bancorp’s subsidiary bank, First Bank. First Bank will continue to operate the 22 branches of Select Bank under that name until a systems conversion planned for March 2022.
Singer has more than 40 years of experience representing financial institutions and public companies on key legal issues and is widely recognized as a leader in banking and finance law. In addition to working with a number of individual banks in several states, he serves as counsel to the North Carolina Bankers Association.
MacSween represents financial institutions and their holding companies on a variety of corporate, regulatory and operational issues. He regularly advises financial institutions and their holding companies in connection with their regulation and supervision by the North Carolina Commissioner of Banks, the Federal Deposit Insurance Corporation, the Federal Reserve, NASDAQ and the Securities and Exchange Commission, as well as other federal and state regulators.