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SCBT Financial Corp. in Columbia, S.C., announced Tuesday morning that it is buying the $546 million-asset Peoples Bancorporation Inc. in Easley, S.C., for $28 million in stock.
December 20 -
Federal pressure to repay Tarp aid is weighing on the minds of prospective sellers, SCBT's Hill and others say.
December 22 -
SCBT's planned acquisition of Peoples Bancorp. in South Carolina is being described as small, safe and strategic. Analysts believe most M&A next year will follow a similar blueprint.
December 20 -
At least three serial consolidators are positioning themselves for more deals should the right opportunity arise. SCBT and Iberiabank filed shelf registrations this month, while Wintrust raised $127 million.
March 26
SCBT Financial (SCBT) in Columbia, S.C., has agreed to buy Savannah Bancorp (SAVB) in Georgia.
The $67 million stock acquisition would be the $4 billion-asset SCBT's fifth deal since January 2010. Three of those deals were for failed banks. SCBT
The $956 million-asset Savannah has two banks, the Savannah Bank and Bryan Bank & Trust, which have 11 branches in South Carolina and Georgia. Savannah Bancorp also owns investment advisor Minis & Co.
"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," Robert R. Hill Jr., SCBT's president and chief executive, said in a press release.
SCBT will have 87 branches in North Carolina, South Carolina and Georgia, along with $5.3 billion in assets, $3.8 billion in loans and $4.5 billion of deposits. SCBT's wealth management group will have about $1.6 billion of assets under management with the addition of Minis.
Savannah Bancorp's shareholders will receive about 0.25 shares of SCBT common stock for each share owned. The deal is expected to close in the fourth quarter.
