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ASB shareholders approve merger with First Bancorp

Published 20 September 2017

Shareholders of ASB Bancorp, the holding company for Asheville Savings Bank, approved the merger between ASB Bancorp and First Bancorp, under which ASB Bancorp will merge with and into First Bancorp.

The votes cast by ASB Bancorp, Inc. shareholders in favor of the proposal to approve the merger represented approximately 79.1% of ASB Bancorp, Inc.'s issued and outstanding common stock entitled to vote as of July 19, 2017, the record date for the special meeting.  Of the shares voted, approximately 98.7% voted to approve the merger.

First Bancorp and ASB Bancorp, Inc. have received approvals for the merger from the North Carolina Commissioner of Banks and from the Board of Governors of the Federal Reserve System. The merger is expected to close on October 1, 2017.

Source: Company Press Release