First Bancorp, the parent company of First Bank, received approval from the Federal Reserve Bank of Richmond to acquire Carolina Bank Holdings.

All regulatory approvals have now been received and the holding company merger date is expected to be March 3, 2017. Shortly after the merger date, Carolina Bank Holdings shareholders will be mailed an election form with instructions and a deadline for electing their desired mix of cash and stock according to the terms of the merger.

Carolina Bank, the bank subsidiary of Carolina Bank Holdings, will continue to operate as Carolina Bank until it is merged into First Bank, which is expected to occur this summer.

First Bancorp is a bank holding company headquartered in Southern Pines, NC, with total assets of approximately $3.6 billion. Its principal activity is the ownership and operation of First Bank, a state-chartered community bank that operates 89 branches in North Carolina and South Carolina. First Bank also has loan production offices in Greensboro and Raleigh, NC.