SCBT Financial (SCBT) in Columbia has agreed to buy First Financial Holdings (FFCH) in Charleston in a deal between South Carolina banks.

SCBT will pay roughly $302 million for First Financial in the stock transaction. The deal values First Financial's stock at $18.30 a share, or a premium of about 11% to the seller's closing price on Tuesday. The companies expect to complete the transaction in the third quarter.

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