First Bancorp (NasdaqGS:FBNC) agreed to acquire Bankingport Inc. for approximately $2.2 million on December 16, 2015. The purchase price includes $0.7 million and issuing 0.08 million shares of First Bancorp common stock, with additional earn out provisions. Upon completion, Bankingport will continue to operate under its name for an undetermined period. The transaction is expected to close on January 1, 2016.

First Bancorp (NasdaqGS:FBNC) completed the acquisition of Bankingport Inc. on January 1, 2016.