According to the terms of the acquisition, Peoples’ shareholders will receive 0.1413 shares of SCBT common stock in exchange for each Peoples share they owned, or an aggregate of nearly 1,003,225 shares of SCBT common stock.
The three banking subsidiaries of Peoples Bancorporation, which includes The Peoples National Bank, Bank of Anderson and Seneca National Bank, will merge with and become a part of SCBT and function as the wholly-owned banking subsidiary of SCBT.
The acquirer said that it will operate the banking locations of these former Peoples banking subsidiaries under their current names, till the integration completes.
SCBT president and chief executive officer Robert Hill said the shareholder support of the Peoples merger has been very strong.
"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," Hill added.
Upon the completion of the deal, SCBT will own eight full-service banking locations in the Upstate region of South Carolina, including in Pickens, Anderson, Greenville and Oconee Counties.
SCBT Financial has $4.5bn of assets and manages its business through 76 locations in 19 South Carolina counties, 10 North Georgia counties, and Mecklenburg County in North Carolina, US.
