COLUMBIA, S.C.--(BUSINESS WIRE)--
SCBT Financial Corporation (NASDAQ: SCBT) announced that its bank
subsidiary, SCBT, N.A., has entered into a purchase and assumption
agreement with loss share agreements with the Federal Deposit Insurance
Corporation (“FDIC”) to assume all deposits and certain other
liabilities and purchase certain assets of BankMeridian, N.A. a full
service community bank headquartered in Columbia, South Carolina. With
this acquisition, SCBT, N.A. will now operate a total of 80 financial
centers in South Carolina, North Carolina and Georgia.
Founded in 2006, BankMeridian operates 3 offices in Hilton Head,
Columbia and Spartanburg.
As of March 31, 2011, BankMeridian, N.A. had approximately $240 million
in total assets and $216 million in total deposits. SCBT, N.A. did not
pay the FDIC a premium to assume all of the deposits. The FDIC and SCBT,
N.A. also entered into loss sharing agreements covering substantially
all of the acquired loans and foreclosed real estate. The transaction is
expected to be immediately accretive to both EPS and tangible book value.
"This should be a very seamless transition for the BankMeridian
customers," said Robert R. Hill, Jr., president and CEO, SCBT Financial
Corporation. “BankMeridian depositors have not lost any money in this
transaction. We look forward to the opportunity to serve them."
SCBT believes it is well-positioned to complete the acquisition as a
result of a strong financial and capital position. No additional capital
was required to support this transaction.
Banking locations of BankMeridian, N.A. will reopen during their normal
business hours beginning on Monday as branches of BankMeridian, a
division of SCBT, N.A.BankMeridian, N.A. depositors will automatically
become depositors of SCBT, N.A., and deposits will continue to be
insured by the FDIC.
Over the weekend, depositors of BankMeridian, N.A. can access their
money as they always have, by writing checks, accessing online banking,
or using ATM or debit cards. Checks drawn on BankMeridian, N.A. will
continue to be processed. Customers of both banks should continue to
bank as they normally do at their existing branches.
SCBT will provide more information about the BankMeridian, N.A.
transaction on its website, www.SCBTonline.com,
on Monday, August 1, 2011.
SCBT was advised in the transaction by Keefe, Bruyette & Woods, Inc. and
Wachtell, Lipton, Rosen & Katz.
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 largest publicly traded bank
headquartered in South Carolina; NCBT, a Division of SCBT, N.A.; and
Community Bank & Trust, a Division of SCBT, N.A. Providing financial
services for over 76 years, SCBT Financial Corporation operates 80
locations in 17 South Carolina counties, 10 North Georgia counties, and
Mecklenburg County in North Carolina. Named in Forbes as one of the 100
Most Trustworthy Companies in America for more than 60 months, SCBT
Financial Corporation has assets of approximately $4.0 billion and its
stock is traded under the symbol SCBT in the NASDAQ Global Select
Market. More information can be found at www.SCBTonline.com.
Cautionary Statement Regarding Forward Looking Statements
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 Exchange Act of 1934. 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; (9) terrorist activities risk that results in
loss of consumer confidence and economic disruptions; (10) economic
downturn risk resulting in deterioration in the credit markets; (11)
greater than expected non-interest expenses; (12) excessive loan losses;
(13) potential deposit attrition, higher than expected costs, customer
loss and business disruption associated with the integration of
BankMeridian, N.A., including, without limitation, potential
difficulties in maintaining relationships with key personnel and other
integration related-matters; and (14) other factors, which could cause
actual results to differ materially from future results expressed or
implied by such forward-looking statements.
Source: SCBT Financial Corporation
Contact:
SCBT Financial Corporation
Media Contact:
Donna Pullen,
803-765-4558
or
Analyst Contact:
John C. Pollok,
803-765-4628