SCBT Financial Corporation Completes Acquisition of TSB Financial CorporationDecember 15, 2007
COLUMBIA, SC – November 30, 2007 – SCBT Financial Corporation (NASDAQ: SCBT) announced today the completion of its acquisition of TSB Financial Corporation (TSB). Under terms of the acquisition, TSB shareholders will receive aggregate consideration of 939,372 shares of SCBT common stock and approximately $9.9 million in cash, including the cash-out value of TSB’s stock options. Having received approval from the TSB shareholders and regulators, the merger of TSB with and into SCBT Financial Corporation has closed and will become effective at 11:59:59 p.m. (Eastern time) on November 30, 2007. TSB’s banking subsidiary, The Scottish Bank, will now become the third wholly-owned banking subsidiary of SCBT. The Scottish Bank will continue to operate under its name in the Charlotte market.
“We are very excited about our partnership with TSB. This will allow our company to expand in the fast growing Charlotte MSA and other North Carolina communities as we strive to become the premier community bank in the Carolinas,” said Robert R. Hill, Jr., SCBT president and chief executive officer.
The merger will add four full service banking locations in Charlotte and one loan production office in Cornelius, NC.
SCBT Financial Corporation
SCBT Financial Corporation, Columbia, South Carolina is a registered bank holding company incorporated under the laws of South Carolina. The Company will have three subsidiary banks which are South Carolina Bank and Trust, National Association, the fourth largest bank headquartered in South Carolina, and South Carolina Bank and Trust of the Piedmont, National Association and The Scottish Bank. Providing financial services for our customers for over 74 years, SCBT Financial Corporation will now operate 50 financial centers in 16 South Carolina counties and Mecklenburg County of North Carolina and has assets of approximately $2.5 billion upon consummation of the acquisition. More information can be found at www.SCBTonline.com <http://www.SCBTonline.com>.