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BRIEF-First Bancorp to acquire ASB Bancorp
May 1, 2017 / 8:27 PM / in 7 months

BRIEF-First Bancorp to acquire ASB Bancorp

May 1 (Reuters) - ASB Bancorp Inc:

* First Bancorp to acquire ASB Bancorp Inc

* ASB Bancorp Inc - deal for cash and stock transaction with a total current value of approximately $175 million

* Deal for $43.12 per share based on First Bancorp’s closing share price on April 28, 2017

* ASB Bancorp Inc - merger agreement has been unanimously approved by boards of directors of each company

* ASB Bancorp Inc - upon completion of acquisition, combined company will have approximately $5.2 billion in assets, $3.9 billion in loans and $4.3 billion in deposits

* ASB Bancorp Inc - co’s shareholders will receive 1.44 shares of first bancorp’s common stock or $41.90 in cash, or a combination, for each share of co’s common stock

* ASB Bancorp Inc - Suzanne S. Deferie, president & CEO of ASB Bancorp, will join first bancorp as a board member and in a market leadership capacity Source text for Eikon: Further company coverage:

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