COLUMBIA, S.C.--(BUSINESS WIRE)--
SCBT Financial Corporation (NASDAQ: SCBT) announces today that it has
completed the sale of $64.8 million in preferred stock and warrants to
the U.S. Treasury as part of the government's Capital Purchase Program.
SCBT issued to the Treasury 64,779 shares of Fixed Rate Cumulative
Perpetual Preferred Stock, Series T, and a ten-year warrant to purchase
up to 303,083 shares of SCBT's common stock at an initial exercise price
of $32.06 per share. SCBT's preliminary approval to participate in the
program was announced on December 19, 2008.
"SCBT Financial Corporation has been one of the top performing banks in
the country and we continue to have a very strong capital position,"
said Robert R. Hill, Jr., CEO. "Therefore, we felt we could be part of a
solution in helping our customers and communities face challenging
economic times by participating in the Capital Purchase Program. Both
South Carolina Bank and Trust and North Carolina Bank and Trust continue
to see opportunities to make investments in our communities. In
particular, we see a great opportunity to invest these funds to help
support the approximately $150 million in mortgages that we have in
process today. We also just committed $25 million to help the South
Carolina Student Loan Corporation fund student loans for the 2009 and
2010 school year. We will continue to seek ways to support our customers
and communities."
SCBT Financial Corporation, Columbia, South Carolina is a registered
bank holding company incorporated under the laws of South Carolina. The
Company consists of SCBT, N.A., the third largest bank headquartered in
South Carolina and NCBT, a Division of SCBT, N.A. Providing financial
services for nearly 75 years, SCBT Financial Corporation operates 50
financial centers in 16 South Carolina counties and Mecklenburg County
in North Carolina. SCBT Financial Corporation has assets of
approximately $2.8 billion and its stock is traded under the symbol SCBT
on the NASDAQ Global Select Market. More information can be found at www.SCBTonline.com.
Statements included in this press release which are not historical in
nature are intended to be, and are hereby identified as, forward looking
statements for purposes of the safe harbor provided by Section 21E of
the Securities and Exchange Act of 1934, as amended. SCBT Financial
Corporation cautions readers that forward-looking statements are subject
to certain risks and uncertainties that could cause actual results to
differ materially from forecasted results. Such risks and uncertainties,
include, among others, the following possibilities: (1) credit risk
associated with an obligor's failure to meet the terms of any contract
with the bank or otherwise fail to perform as agreed; (2) interest
risk involving the effect of a change in interest rates on both the
bank's earnings and the market value of the portfolio equity; (3) liquidity
risk affecting the bank's ability to meet its obligations when they
come due; (4) price risk focusing on changes in market factors
that may affect the value of traded instruments in "mark-to-market"
portfolios; (5) transaction risk arising from problems with
service or product delivery; (6) compliance risk involving risk
to earnings or capital resulting from violations of or nonconformance
with laws, rules, regulations, prescribed practices, or ethical
standards; (7) strategic risk resulting from adverse business
decisions or improper implementation of business decisions; (8) reputation
risk that adversely affects earnings or capital arising from
negative public opinion; and (9) terrorist activities risk that
results in loss of consumer confidence and economic disruptions.
Source: SCBT Financial Corporation
Contact: SCBT Financial Corporation
John C. Pollok, Senior Executive Vice President
and Chief Financial Officer, 803-765-4628
Fax: 803-765-1966