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N.C.-based First Bancorp reports share conversion related to private offering

Southern Pines, N.C.-based First Bancorp converted 728,706 shares of its series C convertible perpetual preferred stock, issued to Castle Creek Partners IV LP, into an equal number of common shares.

The company issued the preferred shares to Castle Creek in a private placement Dec. 21, 2012.

This issuance of the common shares took place Dec. 22, 2016, under an exchange agreement.

The company received no cash proceeds from the transaction.