M&A Deal Summary

First Bank Acquires ASB Bancorp

On May 1, 2017, First Bank acquired financial services company ASB Bancorp for 175M USD

Acquisition Highlights
  • This is First Bank’s 11th transaction in the Financial Services sector.
  • This is First Bank’s 4th largest (disclosed) transaction.
  • This is First Bank’s 10th transaction in the United States.
  • This is First Bank’s 1st transaction in North Carolina.

M&A Deal Summary
Date 2017-05-01
Target ASB Bancorp
Sector Financial Services
Buyer(s) First Bank
Deal Type Add-on Acquisition
Deal Value 175M USD
Advisor(s) Keefe, Bruyette, & Woods, Inc. (Financial)
Nelson Mullins Riley & Scarborough (Legal)

Target

ASB Bancorp

Asheville, North Carolina, United States
ASB Bancorp is the holding company for Asheville Savings Bank (the "Bank"). The Bank is a North Carolina chartered stock savings bank offering traditional financial services through 13 full-service banking centers located in Buncombe, Madison, McDowell, Henderson and Transylvania counties in Western North Carolina. Originally chartered in 1936 and headquartered in Asheville, North Carolina, the Bank is locally managed with a focus on fostering strong relationships with its customers, its employees and the communities it serves.

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Buyer(S) 1

Buyer

First Bank

San Juan, Puerto Rico
Category Company
Founded 1948
Sector Financial Services
Employees3,168
Revenue 897M USD (2023)
DESCRIPTION

First Bank is a financial holding company offering commercial banking, residential mortgage loan, finance lease, personal loan, small loan, auto loan, insurance, and broker dealer products and services to retail, commercial, and institutional customers primarily in Puerto Rico, and to a lesser extent in the U.S. and British Virgin Islands and Florida. First Bank was incorporated in 1948 and is based in San Juan, Puerto Rico.

DEAL STATS #
Overall 11 of 14
Sector (Financial Services) 11 of 13
Type (Add-on Acquisition) 4 of 7
State (North Carolina) 1 of 2
Country (United States) 10 of 12
Year (2017) 1 of 2
Size (of disclosed) 4 of 7
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2016-06-03 FirstBank Insurance Agency

San Juan, Puerto Rico

FirstBank Insurance Agency, Inc. is a general agency providing property and casualty insurance solutions.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-08-21 Bear Insurance Service

Albemarle, North Carolina, United States

Bear Insurance Service is an independent insurance agency, that offers personal, business and life & health insurance services. Bear Insurance Service is based in Albemarle, North Carolina.

Buy -
Mergr

Product

Company

Legal