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First Bancorp-ASB Bancorp deal gets regulatory approvals

In North Carolina, Southern Pines-based First Bancorp has received regulatory approvals for its acquisition of Asheville-based ASB Bancorp Inc.

ASB shareholders will meet to vote on the merger Sept. 19. The deal is expected to close Oct. 1.

ASB subsidiary Asheville Savings Bank SSB will retain its branding until the conversion of its data processing system, currently scheduled for March 2018.