First Bank to Purchase $180M of Deposits; $98M of Loans, 11 Branches from Waccamaw Bank

First Bancorp FBNC and Waccamaw Bankshares WBNK jointly announce today that First Bank has entered into a definitive agreement to purchase eleven coastal branches from Waccamaw.  The terms of the agreement provide for First Bank to acquire all the premises and equipment at the branches, all deposits, and selected performing loans.  The deposit premium varies by account type, with the blended premium estimated at 1.5% of total deposits.  The agreement calls for the branch facilities to be purchased at book value and the loans to be purchased at par.  The transaction is subject to regulatory approval and is expected to be completed during the first quarter of 2012.