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 completed its first open-bank deal in several years in April when it purchased Peoples Bancorp in Easley, S.C.
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.