First Bancorp in Southern Pines, N.C., has agreed to buy Bankingpoint, an insurance agency in Sanford, N.C.

The $3.3 billion-asset First Bancorp did not disclose the price it will pay for Bankingport. The deal is expected to close on Jan. 1.

Bankingport "is an outstanding insurance agency with an excellent team focused on its customers' needs," Tim Maples, executive vice president of First Bancorp's First Bank Insurance, said in a press release. "Bankingport and First Bank Insurance share a common goal to provide exceptional customer service. We are excited about our future together."

Bankingport will continue to operate under its name for an undetermined period after the deal closes.

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