ASB Bancorp, Inc. ("ASBB") is the holding company for Asheville Savings Bank SSB, which is located in North Carolina.

According to the Complaint, on May 1, 2017, ASBB issued a press release announcing it had entered into an Agreement and Plan of Merger with First Bancorp.

On June 28, 2017, First Bancorp and ASBB filed a Registration Statement on Form S-4 with the SEC. The Complaint alleges the Registration Statement, which recommends that ASBB stockholders vote in favor of the Proposed Transaction, omits or misrepresents material information concerning, among other things: (i) the Company's financial projections, relied upon by ASBB's financial advisor, Keefe, Bruyette & Woods, Inc. ("KBW"), in its financial analyses; (ii) the valuation analyses prepared by KBW in connection with the rendering of its fairness opinion; (iii) the background process leading up to the Proposed Transaction; and (iv) KBW's conflicts of interest.

This case was voluntarily dismissed on September 28, 2017.