Founded in 1934, First Financial operates First Federal Bank, which has 66 locations in the Carolinas and is the third largest financial institution headquartered in South Carolina, ranking 8th in deposit market share. Upon completion of the transaction, the combined company will have approximately $8.3 billion in total assets and will rank 5th in deposit market share in South Carolina. Together the two companies operate a network of 148 branches in the Carolinas and generate more than $2 billion in mortgage loans, ranking 4th in mortgage market share. First Financial’s Wealth Management Division, when combined with SCBT’s Wealth Management Group, will have total assets under management of approximately $2.35 billion.
Under the terms of the agreement, SCBT Financial Corporation will add five First Financial board members to the combined company’s board. First Financial’s President and CEO of First Financial will be named President of SCBT Financial Corporation and the current chair of First Financial’s board will assume the role of vice chair of the board of the combined company.
Under the terms of the agreement, shareholders of First Financial will receive 0.4237 shares of SCBT common stock for each share of FFCH common stock. The stock issuance is valued at approximately $302.4 million in the aggregate.