AGREEMENT AND PLAN OF MERGER AND REORGANIZATION By and Between GRANDSOUTH BANCORPORATION And FIRST BANCORP June 21, 2022Agreement and Plan of Merger and Reorganization • June 21st, 2022 • Grandsouth Bancorporation • Savings institutions, not federally chartered • North Carolina
THIS AGREEMENT AND PLAN OF MERGER AND REORGANIZATION (this “Agreement”) dated as of June 21, 2022, is by and between First Bancorp, a North Carolina corporation (“Buyer”), and GrandSouth Bancorporation, a South Carolina corporation (“GSB”). Capitalized terms used in this Agreement but not defined elsewhere herein shall have the meanings assigned to them in Section 10.1 hereof.
