First of North Carolina Buying Great Pee Dee

First Bancorp in Troy, N.C., has agreed to acquire Great Pee Dee Bancorp Inc. of Cheraw, S.C., for $38.2 million in stock.

Buying Great Pee Dee would add three branches to the three that the $2.1 billion-asset First Bancorp already has in South Carolina.

The acquisition would be First Bancorp's first since May 2003, when it bought the $75 million-asset Carolina Community Bank in Latta, S.C.

Shareholders of the $219 million-asset Great Pee Dee would receive 1.15 shares of First Bancorp stock for each of their shares. The price is equal to about 1.6 times Great Pee Dee's book value.