First Bancorp of Troy, N.C., said Thursday that it would buy First Savings Bancorp of Southern Pines, N.C., in a $101 million stock swap.

The in-market deal would create an $860 million-asset company with 40 branches in central North Carolina. The combined entity would vault over BB&T Corp. of Winston-Salem, N.C., to control about one-third of the deposit market share in Moore County, and it would be the 10th-largest banking company in the state. The deal is expected to close in the second quarter.

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