COLUMBIA, S.C.--(BUSINESS WIRE)--
SCBT Financial Corporation (NASDAQ: SCBT) (the “Company”) announced
today the completion of its acquisition of The Savannah Bancorp, Inc.
(“SAVB”). Under the terms of the merger agreement, SAVB shareholders
will receive 0.2503 shares of the Company’s common stock in exchange for
each SAVB share they owned, or an aggregate of approximately 1,802,450
shares of the Company’s common stock. SAVB’s two banking subsidiaries,
The Savannah Bank, N. A. and Bryan Bank & Trust have combined with and
become a part of SCBT, a South Carolina banking corporation and the
wholly-owned banking subsidiary of the Company. Upon completion of
merger integration, these locations will operate as The Savannah Bank, a
Division of SCBT. Until that time, the banks will continue under their
current names. SCBT will also continue to operate Minis & Co., Inc., a
registered investment advisor and wholly-owned subsidiary of SAVB.
“Savannah is a great market and we are very pleased with the support we
have received from shareholders, customers and employees,” said Robert
R. Hill, Jr., the Company’s president and chief executive officer. “We
look forward to using our combined financial strength to help businesses
and individuals in Savannah, Richmond Hill and coastal Georgia.”
“The capacity, experience and culture of SCBT and its leadership and
staff have been embraced by our banks, bankers, communities and
customers,” said John C. Helmken, II, president and CEO of SAVB. “We
have felt the positive impact and excitement of this partnership
building in anticipation of today’s merger. It is an exciting day when
customers, shareholders and communities are all made better through new
opportunities.”
Through the acquisition, SCBT has added eleven full-service banking
locations in the Savannah MSA.
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, the third largest bank headquartered in South
Carolina; NCBT, a division of SCBT, and Community Bank & Trust, a
division of SCBT. Providing financial services for over 78 years, SCBT
operates 86 locations in 19 South Carolina counties, 10 North Georgia
counties, 2 Coastal Georgia counties and Mecklenburg County in North
Carolina. SCBT Financial Corporation has assets of approximately $5.2
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 (”SCBT”)
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) cybersecurity risk related to our
dependence on internal computer systems and the technology of outside
service providers, as well as the potential impacts of third-party
security breaches, subjects the company to potential business
disruptions or financial losses resulting from deliberate attacks or
unintentional events; (11) economic downturn risk resulting in
deterioration in the credit markets; (12) greater than expected
noninterest expenses; (13) excessive loan losses; (14) potential deposit
attrition, higher than expected costs, customer loss and business
disruption associated with the integration of Peoples Bancorporation and
The Savannah Bancorp, Inc., including, without limitation, potential
difficulties in maintaining relationships with key personnel and other
integration related-matters; (15) the risks of fluctuations in market
prices for SCBT stock that may or may not reflect economic condition or
performance of SCBT; (16) the payment of dividends on SCBT is subject to
regulatory supervision as well as the discretion of the SCBT board of
directors; and (17) 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