SCBT Financial Closes Merger With First Financial - Quick Facts

(RTTNews) - SCBT Financial Corp. (SCBT) Friday completed its merger with First Financial Holdings Inc. (FFCH). As per the terms of the deal, First Financial shareholders will receive 0.4237 shares of the company's common stock in exchange for each First Financial share they owned, or an aggregate of 7.02 million shares of the company's common stock.

First Financial's bank subsidiary, First Federal Bank has merged with SCBT, a South Carolina banking corporation and the wholly-owned banking subsidiary of the company, and will operate as First Federal, a Division of SCBT until conversion is completed in mid-2014.

SCBT will also continue to operate the existing First Financial subsidiaries First Southeast Investor Services, a wholly owned broker dealer and First Southeast 401k Fiduciaries, a registered investment advisor.

The combined company will be the largest publicly traded bank holding company headquartered in South Carolina and will rank fifth by deposit market share in South Carolina.

Upon completion of the merger, 65 full-service banking locations will be added in North Carolina and South Carolina. The combined company will operate 146 full-service banking locations in its three-state banking network. With the addition of First Federal offices located in North Carolina, SCBT will now have a presence in Wilmington and has expanded service to include Brunswick, New Hanover and Pender counties.

The name of the company will be changed from "SCBT Financial Corp." to "First Financial Holdings Inc.", however, the company's common stock will continue to trade under the symbol SCBT on the NASDAQ Global Select Market.