Fourth of July festivities set for Oakboro, Troy

Festival goers enjoy live music and midway attractions at a previous Fourth of July event in Oakboro, N.C. (photo from oakboro4th.com)

Festival goers enjoy live music and midway attractions at a previous Fourth of July event in Oakboro, N.C. (photo from oakboro4th.com)

The towns of Oakboro and Troy are among the many that will celebrate the Independence Day holiday with festivals in the coming days.

Oakboro’s 58th annual Fourth of July festival gets underway tonight (Jun. 29) with rides on the midway and live music each evening through Saturday. Popular regional bands Too Much Sylvia, Sea Cruz, The Fantastic Shakers, The Swashtones and Valhalla will be featured.

The Oakboro festival will be closed Sunday, but will resume Monday with a full day of activities, including a beauty pageant and a firefighters skills competition. Fireworks will end the nights both Saturday and Monday.

There is no charge to attend the festival. Rides, concessions and other activities are available at an additional cost.

Click here to see a full schedule of events in Oakboro.

The Town of Troy will host its annual TroyFest Saturday (Jul. 2). A parade will start the day at 9 a.m., followed by a fair on Main St. until late afternoon. Following a short break, activities will move to Lowe Warner Park, where beach music band North Tower will play and fireworks will end the festival just after dark.

Gary Smith, host of WMTG’s “G. Money’s Beach Party”, will be live on location during the street fair.

The entire festival is open without admission. Vendors in the street fair will be charging for refreshments and other activities.

Click here to see a full schedule of events in Troy.

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First Bank announces plans to acquire Carolina Bank

First Bancorp (Nasdaq: FBNC), the parent company of First Bank, announced Jun. 22 the signing of a definitive merger agreement under which First Bancorp will acquire Carolina Bank Holdings, Inc. (Nasdaq: CLBH) the parent company of Carolina Bank, in a cash and
stock transaction with a total current value of approximately $97.3 million, or $19.26
per share.

160622-First-Bank-Carolina-BankThe merger agreement has been unanimously approved by the boards of directors of each company. The transaction is expected to close in the fourth quarter of 2016 or first quarter of 2017 and is subject to customary conditions, including regulatory approval and approval by Carolina Bank Holdings shareholders. Subject to the terms of the merger agreement, Carolina Bank Holdings shareholders will receive either 1.002 shares of First Bancorp’s common stock or $20.00 in cash for each share of Carolina Bank Holdings common stock, subject to the total consideration being 75% stock / 25% cash, which equates to a deal value of $19.26 per share based on First Bancorp’s closing stock price on Jun. 21, 2016 of $18.98.

Carolina Bank currently operates eight banking locations in the Greensboro-High Point, Burlington and Winston-Salem, N.C. metropolitan statistical areas (MSAs), along with three mortgage loan offices. Carolina Bank Holdings reported assets of $706 million, gross loans of $491 million and deposits of $601 million as of March 31, 2016. The acquisition complements First Bancorp’s recent branch exchange announcement and the hiring of a team of bankers in the Piedmont Triad area.

“Carolina Bank is an outstanding addition to our company as we continue our expansion into higher growth markets,” said Richard Moore, Chief Executive Officer of First Bancorp, “We are excited to welcome Carolina Bank’s customers, employees, and communities into the First Bancorp family, and look forward to continuing to develop upon the strong foundation Carolina Bank has built in the Piedmont Triad.”

Upon completion of the acquisition, the combined company will have approximately $4.1 billion in assets, $3.0 billion in loans and $3.4 billion in deposits.

According to a news release issued jointly by both banks, “This transaction represents a strategic and financially attractive combination for both companies’ shareholders and will solidify First Bancorp’s position as one of the top community banks in North Carolina.”

“We are pleased to have this opportunity to join with First Bancorp. The combination provides strong value for our shareholders, including the opportunity to benefit as First Bancorp shareholders going forward,” said Robert Braswell, President & CEO of Carolina Bank Holdings. “The combination also provides valuable additional products and services for our customers, an expanded branch network, and new opportunities for our employees.”

The Winston-Salem Journal reports that Carolina Bank will acquire two seats on the First Bancorp board of directors as a result of the merger. The paper also says Carolina Bank would pay First Bancorp $3.5 million if the deal is terminated.

Founded in Troy in the 1930s as Bank of Montgomery, First Bank moved its corporate headquarters to Southern Pines, N.C. in 2013. The operations center and some key departments continue to operate in Troy. First Bank currently operates more than 80 branches in North and South Carolina.

In March, 2016, First Bank announced plans to hand over its Virginia operations to First Community Bank and to take over that institution’s six North Carolina branches, located in Winston-Salem, Huntersville and Mooresville.

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Troy police investigate double homicide

Tommy Kentrell Little, 22, was arrested Jun. 20, 2016, in connection with a double murder investigation in Troy, N.C. (MCSO photo)

Tommy Kentrell Little, 22, was arrested Jun. 20, 2016, in connection with a double murder investigation in Troy, N.C. (MCSO photo)

Officers with the Troy Police Department continue their investigation into a pair of killings that occurred Sun., Jun. 19.

Carlos M. Butler, Sr., 40, and Travis Lee Simmons, 36, were pronounced dead from gunshot wounds at a home at 628 Crouch St. Police reportedly arrived on the scene around 7:30 p.m.

Sources tell WMTG that Butler and Simmons were brothers.

Tommy Kentrell Little, 22, of Candor has been arrested and charged with one count of second-degree murder. As of Monday afternoon, Little was being held in the Montgomery County Jail under a $600,000 bond.

While specifics of the altercation have not been determined, reports also indicate that Little was wounded by a gunshot in the incident.

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NCDMV to penalize late registration renewals

Starting Jul. 1, 2016, the North Carolina Division of Motor Vehicles (NCDMV) will begin assessing late fees when vehicle registrations are renewed after their expiration date.

dmv_vehicle_platesIn an announcement made today (Jun. 16), NCDMV outlined plans to charge the late fees as follows:

  • No penalty when renewed on or before the last day of the current registration
  • $15 penalty when renewed in the month following the expiration of the previous registration
  • $20 penalty when renewed in the second month following the expiration of the previous registration
  • $25 penalty when renewed two months or more following the expiration of the previous registration

The late fees are the implementation of North Carolina House Bill 97, adopted in Sep. 2015, and will be in addition to any interest that is already being collected on late renewals and property taxes paid after the renewal deadline.

As before, there will be a 15-day grace period during which motorists will not be ticketed for expired registration, but the late fees will be charged beginning the first day of the grace period.

Vehicle registrations can be renewed up to 90 days ahead of their expiration dates, provided safety and emissions inspections are completed, as required.

On the web: http://www.ncdot.gov/dmv

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