ASB Bancorp Inc. is now facing two lawsuits claiming the company made inadequate disclosures regarding its pending merger with First Bancorp.
The lawsuits were filed July 14 and July 19 in the U.S. District Court for the Western District of North Carolina, both by purported shareholders. The first names ASB and its board as defendants. The second adds First Bancorp to the defendant list.
The plaintiffs seek the termination of the merger or rescissory damages in the event it pushes through, among other damages.