SCBT Announces Acquisition of Habersham Bank

COLUMBIA, SC – February 18, 2011 – SCBT Financial Corporation(NASDAQ:  SCBT) announced that its bank subsidiary, SCBT, N.A., hasentered into a purchase and assumption agreement with loss sharearrangements with the Federal Deposit Insurance Corporation (“FDIC”) toassume all of the deposits and certain other liabilities and purchasecertain assets of Habersham Bank, a full service community bankheadquartered in Clarkesville, Georgia.  With this acquisition, SCBT,N.A. will operate a total of 83 financial centers in Georgia, NorthCarolina and South Carolina.

Founded in 1904, Habersham Bank is one of the oldest financialinstitutions in Northeast Georgia.  Habersham Bank operates 8 bankinglocations in Habersham, Hall, White, Stephens, Warren, and CherokeeCounties in Georgia. 

As of December 31, 2010, Habersham Bank had approximately $388 millionin total assets and $340 million in total deposits.  SCBT, N.A. did notpay the FDIC a premium to assume all of the deposits.  The FDIC andSCBT, N.A. also entered into a loss sharing agreement coveringsubstantially all of the acquired loans and foreclosed real estate.  SCBT will not acquire any of the assets or assume any liabilities ofHabersham Bank’s former bank holding company, Habersham Bancorp.  Thetransaction is expected to be immediately accretive to both EPS andtangible book value.

SCBT also announced today the completion of a $35.0 million capitalraise through a private placement of 1,129,032 shares of common stock,at a price per share of $31.00. The common stock issued in the privateplacement has not been registered under the Securities Act of 1933, andmay not be offered or sold absent registration or an applicableexemption from registration requirements.

“Wewelcome the employees and customers of Habersham Bank.  The combinationof these two long-standing banks creates one of the strongest and mostconvenient banks in Northeast Georgia,” said Robert R. Hill, Jr., CEO (pictured left).

“We are also pleased with the investor confidence that was shown by the$35 million in new capital that was raised,” said John C. Pollok, SCBTCOO.  “The addition of this capital and the acquisition of HabershamBank put us in an excellent position for future growth.

Habersham Bank’s offices will reopen during their normal business hoursbeginning on Saturday as branches of Habersham Bank, a division of SCBT,N.A.  The company has sent more than 50 employees to work closely withthe employees and customers of Habersham Bank during the transition.  Habersham Bank depositors will automatically become depositors of SCBT,N.A., and deposits will continue to be insured by the FDIC.

Over the weekend, depositors of Habersham Bank can access their money asthey always have, by writing checks, accessing online banking, or usingATM or debit cards.  Checks drawn on Habersham Bank will continue to beprocessed.  Customers of both banks should continue to bank as theynormally do at their existing branches.

SCBT will provide more information about the Habersham Bank transaction on its website, www.SCBTonline.com, on Monday, February 21, 2011.

SCBT was advised in the transaction by Sandler O’Neill + Partners, L.P. and Wachtell, Lipton, Rosen & Katz.

SCBT Financial Corporation,Columbia, South Carolina is a registered bank holding companyincorporated under the laws of South Carolina.  The Company consists ofSCBT, N.A., the largest publicly traded bank headquartered in SouthCarolina, NCBT, a Division of SCBT, N.A., and CBT, a division of SCBT,N.A.   Providing financial services for over 76 years, SCBT FinancialCorporation currently operates 83 financial centers in 16 South Carolinacounties, Mecklenburg County in North Carolina and in 12 NortheastGeorgia counties.   Named in Forbes as one of the 100 Most TrustworthyCompanies in America for over 60 months.  At December 31, 2010, SCBTFinancial Corporation had assets of approximately $3.6 billion and itsstock is traded under the symbol SCBT in the NASDAQ Global SelectMarket.