Two of the oldest institutions in North Carolina's Cleveland County have announced a deal that would create a $450 million-asset bank.

First National Bank of Shelby said last week that it plans to buy First Carolina Federal Savings Bank, Kings Mountain, for $15 million in cash. The deal is expected to close during the first quarter.

First National, established in 1874, is a $392 million-asset bank with eight branches. The company plans to keep open the three branches it would acquire from $95 million-asset First Carolina, which was founded in 1907.

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