Based on the agreement, First Financial’s banking subsidiary, First Federal Bank has merged with SCBT, and will operate with its original name until conversion is completed in mid-2014.
SCBT will also continue to operate the existing First Financial subsidiaries, First Southeast Investor Services, a wholly owned broker dealer and First Southeast 401k Fiduciaries, a registered investment advisor.
Under the transaction, which was originally inked in February 2013, for each share of First Financial common stock, its shareholder will receive 0.4237 shares of SCBT common stock, while the total stock has been valued at nearly $302.4m.
SCBT Financial president and CEO Robert Hill, Jr., said that the integration of both banks will provide adequate strength and resources to emerge as a regional bank in the Southeast.
Following closure of the deal, the integrated entity will own nearly $8.3bn in total assets, $6.9bn in total deposits and $6.1bn in total loans.
The combined bank will manage a branch network of 146 offices in the Carolinas and generate over $2bn in mortgage loans, according to the company.
SCBT Financial operates at 82 locations in 19 South Carolina counties, 10 North Georgia counties, two coastal Georgia counties and Mecklenburg County in North Carolina.
