Great Pee Dee Bancorp, the holding company of Sentry Bank and Trust, has announced that its stockholders have approved the proposed merger of the company with First Bancorp.
The terms of the agreement call for shareholders of Great Pee Dee to receive 1.15 shares of First Bancorp common stock for each share of Great Pee Dee stock they own.
Great Pee Dee Bancorp expects the merger to be completed on April 1, 2008.
John Long, president and CEO of Great Pee Dee, said: We are pleased with the results of today’s vote, and we look forward to joining with First Bancorp. I believe this merger will benefit both our stockholders and our customers. We expect the Sentry Bank & Trust branches to be converted to branches of First Bank in mid-May.