SCBT Completes Acquisition of Peoples Bancorporation
April 25, 2012
COLUMBIA, SC – April 24, 2012 – SCBT Financial Corporation (NASDAQ:SCBT) (“SCBT”) announced the completion of its acquisition of PeoplesBancorporation, Inc. (“Peoples”).
Under the terms of the mergeragreement, Peoples shareholders will receive 0.1413 shares of SCBTcommon stock in exchange for each Peoples share they owned, or anaggregate of approximately 1,003,225 shares of SCBT common stock. Peoples’ three banking subsidiaries, The Peoples National Bank; Bank ofAnderson, N.A.; and Seneca National Bank, have combined with and become apart of SCBT, N.A., the wholly-owned banking subsidiary of SCBT. Untilthe completion of merger integration, SCBT, N.A. will operate thebanking locations of these former Peoples banking subsidiaries undertheir current names.
“The shareholder support of the Peoples merger has been very strong,”said Robert R. Hill, Jr., SCBT president and chief executive officer. “We are fortunate to add such a great bank to the SCBT franchise. Wewelcome the customers and employees of Peoples Bancorporation, Inc. Weare also glad to announce that SCBT repurchased $13.4 million of TARPpreferred stock that Peoples had outstanding.”
Through the acquisition, SCBT has added eight full-service bankinglocations in the Upstate region of South Carolina, including in Pickens,Anderson, Greenville and Oconee Counties.
About SCBT Financial Corporation
SCBT Financial Corporation, Columbia, South Carolina, is a registeredbank holding company incorporated under the laws of South Carolina. TheCompany consists of SCBT, N.A., the third largest bank headquartered inSouth Carolina; NCBT, a division of SCBT, N.A., and Community Bank& Trust, a division of SCBT, N.A. Providing financial services forover 78 years, SCBT Financial Corporation operates 76 locations in 19South Carolina counties, 10 North Georgia counties, and MecklenburgCounty in North Carolina. SCBT Financial Corporation has assets ofapproximately $4.5 billion and its stock is traded under the symbol SCBTon the NASDAQ Global Select Market.
More information can be found at www.SCBTonline.com.
