On First BanCorp FBNC's $97 million acquisition of Carolina Bank Holdings Inc. CLBH, Keefe, Bruyette & Woods thought the deal wasn't all that surprising.
Given First BanCorp management has been actively seeking acquisition possibilities, KBW anticipated a move soon. The deal should net First Bancorp a solid presence in Greensboro market and help provide to its balance sheet growth in KBW's opinion.
Despite the positive views on the acquisition, the analyst maintained a Market Perform with a $20 price target. They hedge this maintained rating, as they remain "favorably inclined on this growing NC franchise."
Shares of First BanCorp remain relatively unchanged for the day at $18.29.
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