First Bancorp, the parent company of First Bank, has bought GrandSouth Bancorporation, the parent company of GrandSouth Bank.

The combined firm will have $12 billion in assets, and the deal represents First Bank’s efforts to expand in South Carolina.

“GrandSouth is in great communities with talented bankers,” said Mike Mayer, CEO of First Bank. “Our cultures are very similar and we are excited to bring our teams together.”

Keefe, Bruyette & Woods served as financial advisor to First Bancorp, and Brooks, Pierce, McLendon, Humphrey & Leonard, LLP provided legal counsel. Piper Sandler & Co. served as financial advisor to GrandSouth, and Nelson Mullins Riley & Scarborough LLP served as legal counsel.