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.
The combined company would have $500 million of assets and 17 branches in six North Carolina counties.
"This is a very positive step for FNB," said Michael C. Miller, its chairman and chief executive officer. "Carolina Fincorp's markets complement those of FNB perfectly."
FNB said it would exchange 0.79 of a share for each share of Carolina Fincorp stock. Richmond Savings' branches would become branches of First National Bank and Trust.
FNB also said that two of Carolina Fincorp's directors would join its board. The sale is expected to close early in the second quarter. -- Alan Kline