First Bancorp and Four Oaks Fincorp Inc. have jointly announce that First Bank has entered into a definitive agreement to purchase the Southern Pines and Rockingham branches of Four Oaks Bank & Trust Co.

The terms of the agreement provide for First Bank to acquire all of the deposits of each branch ($64 million) and selected performing loans ($22 million). First Bank currently has branches in each of these markets.

The agreement calls for First Bank to purchase the Rockingham branch building, while the Southern Pines branch will closed by Four Oaks Bank upon completion of the transaction.

The purchased loans and assumed deposits currently at the Southern Pines branch will be initially assigned to First Bank's office located nearby at Pinecrest Plaza.

The transaction is subject to regulatory approval and is expected to be completed during the first quarter of 2013.

"We look forward to continuing Four Oaks Bank's excellent tradition of customer service," Jerry Ocheltree, president of First Bank, said in addressing customers of these branches. "We consider it a privilege to serve you. We'll be in touch soon regarding the details and timing of the transfer of your account to First Bank. Thank you for the opportunity to serve your banking needs."

Ayden R. Lee Jr., president of Four Oaks Bank, said, "We appreciate the opportunity to have served our customers in Rockingham and Southern Pines. We have made the strategic decision to focus our efforts closer to our home office. You are in good hands with First Bank."