COLUMBIA, S.C.--(BUSINESS WIRE)--
SCBT Financial Corporation (NASDAQ: SCBT) (“SCBT”) announced today the
completion of its acquisition of Peoples Bancorporation, Inc.
(“Peoples”). Under the terms of the merger agreement, Peoples
shareholders will receive 0.1413 shares of SCBT common stock in exchange
for each Peoples share they owned, or an aggregate of approximately
1,003,225 shares of SCBT common stock. Peoples’ three banking
subsidiaries, The Peoples National Bank; Bank of Anderson, N.A.; and
Seneca National Bank, have combined with and become a part of SCBT,
N.A., the wholly-owned banking subsidiary of SCBT. Until the completion
of merger integration, SCBT, N.A. will operate the banking locations of
these former Peoples banking subsidiaries under their current names.
“The shareholder support of the Peoples merger has been very strong,”
said Robert R. Hill, Jr., SCBT president and chief executive officer.
“We are fortunate to add such a great bank to the SCBT franchise. We
welcome the customers and employees of Peoples Bancorporation, Inc. We
are also glad to announce that SCBT repurchased $13.4 million of TARP
preferred stock that Peoples had outstanding.”
Through the acquisition, SCBT has added eight full-service banking
locations in the Upstate region of South Carolina, including in Pickens,
Anderson, Greenville and Oconee Counties.
About SCBT Financial Corporation
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; NCBT, a division of SCBT, N.A., and Community Bank &
Trust, a division of SCBT, N.A. Providing financial services for over 78
years, SCBT Financial Corporation operates 76 locations in 19 South
Carolina counties, 10 North Georgia counties, and Mecklenburg County in
North Carolina. SCBT Financial Corporation has assets of approximately
$4.5 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.
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:
(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 acquisitions
(including, among others, Peoples), including, without limitation,
potential difficulties in maintaining relationships with key personnel
and other integration related-matters; (14) the risks of fluctuations in
market prices for SCBT stock that may or may not reflect economic
condition or performance of SCBT; (15) the payment of dividends on SCBT
being subject to regulatory supervision as well as the discretion of the
SCBT board of directors; and (16) other factors, which could cause
actual results to differ materially from future results expressed or
implied by such forward-looking statements.
SCBT Financial Corporation
ANALYST CONTACT: John C. Pollok,
803-765-4628
or
MEDIA CONTACT: Donna Pullen, 803-765-4558
Source: SCBT Financial Corporation