The transaction of the deal will set up a new entity with almost $5.3bn in total assets, $4.5bn in total deposits, $3.8bn in total loans, and a network of 87 branches in the Carolinas and Georgia, the US, said the acquirer.
It is expected that the deal, which has already been approved by their respective board of directors, will be completed during the fourth quarter of 2012, after both SCBT and SAVB shareholders’ approval.
As per the terms of the merger agreement, shareholders of The Savannah Bancorp will receive 0.2503 shares of SCBT common stock for each share of SAVB common stock.
The stock issuance has been valued at nearly $67.1m in the aggregate, based on 7,199,237 shares of SAVB common stock outstanding and on SCBT’s 7 August 2012 closing stock price of $37.21.
SCBT Financial president and CEO said, "The cultures of our two organizations are very similar and we believe this partnership is a great opportunity for the customers, employees and shareholders of both companies."
The Savannah Bancorp chairman of the board J Curtis Lewis, III said, "We believe this combination will be a win-win for our respective shareholders, and will enable our talented staff to continue to focus on what they do best ~ serving our communities."
Keefe, Bruyette & Woods offered financial advice, while Wachtell, Lipton, Rosen & Katz provided legal counseling to SCBT Financial Corporation.
