FEDERAL COURTHOUSE, August 19 – Fair
Finance Watch has formally opposed the application of First Bancorp of North Carolina
to acquire First Carolina Bancshares Corporation of
South Carolina. Amazingly, the banks asked the Federal
Reserve to keep confidential their Community
Reinvestment Act performance evaluation. And, as
provided to Inner City Press on September 8, the Fed
did. So, a FOIA has also been filed.
Back on September 1:
Dear Chairman Warsh, Secretary McDonough,
Governors: This is a first timely
comment in opposition to the application of First Bancorp,
Southern Pines, North Carolina; to acquire First Carolina
Bancshares Corporation, Florence, South Carolina, and
thereby indirectly acquire Carolina Bank & Trust
Company, Lamar, South Carolina.
Fair Finance Watch hereby enters
into the record First Bancorp's First Bank's
disparate record of lending in its home state, North
Carolina: In 2025 in North Carolina,
First Bank (LEI 254900L67A0ZTJRS6614) made fully 1112
mortgage loans to whites, while denying only 280 -
meanwhile it made only 81 loans to African Americans,
while denying fully 13. This is
disparate. Worse, in SOUTH
Carolina in 2025, First Bank (LEI 254900L67A0ZTJRS6614)
made fully 81 mortgage loans to whites and NO loans to
African Americans. This is extremely disparate, in
the merger impact zone.
Carolina Bank & Trust in South
Carolina in 2025 made 36 mortgage loans to whites and only
ONE to an African Americans.
