FNB Corp. in Asheboro, N.C., on Monday announced the first acquisition deal in its long history -- an agreement to buy neighboring Carolina Fincorp for $29.1 million.

The deal, valued at $15.01 a share, would team two of central North Carolina's oldest bank companies. FNB is the $380 million-asset parent of First National Bank and Trust Co., which was founded in 1902. Rockingham, N.C.-based Carolina Fincorp, with $120 million of assets, is the parent of 93-year-old Richmond Savings Bank.

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