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 arrangements with the Federal Deposit
Insurance Corporation (“FDIC”) to assume all of the deposits and certain
other liabilities and purchase certain assets of Habersham Bank, a full
service community bank headquartered in Clarkesville, Georgia. With this
acquisition, SCBT, N.A. will operate a total of 83 financial centers in
Georgia, North Carolina and South Carolina.
Founded in 1904, Habersham Bank is one of the oldest financial
institutions in Northeast Georgia. Habersham Bank operates 8 banking
locations in Habersham, Hall, White, Stephens, Warren, and Cherokee
Counties in Georgia.
As of December 31, 2010, Habersham Bank had approximately $388 million
in total assets and $340 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 a loss sharing agreement covering substantially
all of the acquired loans and foreclosed real estate. SCBT will not
acquire any of the assets or assume any liabilities of Habersham Bank’s
former bank holding company, Habersham Bancorp. The transaction is
expected to be immediately accretive to both EPS and tangible book value.
SCBT also announced today the completion of a $35.0 million capital
raise through a private placement of 1,129,032 shares of common stock,
at a price per share of $31.00. The common stock issued in the private
placement has not been registered under the Securities Act of 1933, and
may not be offered or sold absent registration or an applicable
exemption from registration requirements.
“We welcome the employees and customers of Habersham Bank. The
combination of these two long-standing banks creates one of the
strongest and most convenient banks in Northeast Georgia,” said Robert
R. Hill, Jr., CEO.
“We are also pleased with the investor confidence that was shown by the
$35 million in new capital that was raised,” said John C. Pollok, SCBT
COO. “The addition of this capital and the acquisition of Habersham Bank
put us in an excellent position for future growth."
Habersham Bank’s offices will reopen during their normal business hours
beginning on Saturday as branches of Habersham Bank, a division of SCBT,
N.A. The company has sent more than 50 employees to work closely with
the employees and customers of Habersham Bank during the transition.
Habersham Bank depositors will automatically become depositors of SCBT,
N.A., and deposits will continue to be insured by the FDIC.
Over the weekend, depositors of Habersham Bank can access their money as
they always have, by writing checks, accessing online banking, or using
ATM or debit cards. Checks drawn on Habersham Bank 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 Habersham Bank transaction
on its website, www.SCBTonline.com,
on Monday, February 21, 2011.
SCBT was advised in the transaction by Sandler O’Neill + Partners, L.P.
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
CBT, a division of SCBT, N.A. Providing financial services for over 76
years, SCBT Financial Corporation currently operates 83 financial
centers in 16 South Carolina counties, Mecklenburg County in North
Carolina and in 12 Northeast Georgia counties. Named in Forbes as one of
the 100 Most Trustworthy Companies in America for over 60 months. At
December 31, 2010, SCBT Financial Corporation had assets of
approximately $3.6 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. Forward looking statements
generally include words such as “expects,” “projects,” “anticipates,”
“believes,” “intends,” “estimates,” “strategy,” “plan,” “potential,”
“possible” and other similar expressions. 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 anticipated results. Such risks and uncertainties,
include, among others: (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;
and (13) potential deposit attrition, higher than expected costs,
customer loss and business disruption associated with the integration of
Habersham Bank, including, without limitation, potential difficulties in
maintaining relationships with key personnel and other integration
related-matters; (14) risks and uncertainties described in the section
titled “Risk Factors” in the SCBT Financial Corporation Annual Report on
Form 10-K and any other reports filed by it with the SEC and (15) other
factors, which could cause actual results to differ materially from
future results expressed or implied by such forward-looking statements.
Forward-looking statements speak only as of the date they are made, and
we undertake no obligation to update or revise 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