The Arizona company said Kenneth Vecchione would be a candidate to eventually replace CEO Robert Sarver.
The acquisition will make the Tennessee company one of the biggest banks in the Southeast with more than $40 billion in assets.
The company, which delisted from the Nasdaq in 2005, is looking to raise up to $64 million through an initial public offering.
First Bancorp has emerged as one of the few consolidators in North Carolina at a time when many other banks in the state have opted to sell.
The $34 million acquisition is expected to strengthen Central Valley's banking operations in northern California.
The acquisition will provide South State with more than $3 billion in assets and a larger operation in North Carolina.
Sierra will pay $36 million for the parent of the $257 million-asset Ojai Community Bank in a deal that should close by the end of this year.
The deal is the latest coastal acquisition for United Community. For HCSB, the sale is the final chapter in a turnaround that began 13 months earlier.
The Office of the Comptroller of the Currency has given preliminary conditional approval for Winter Park National Bank, allowing organizers to work on office space, hire staff and raise capital.
The company has hired an investment bank to help it consider strategic alternatives, which could also include recapitalizing.
