First Financial, Columbia-Based SCBT Announce Merger

Two of South Carolina's largest bank companies have agreed to combine.

A $302 million merger was announced between First Financial Holdings, Inc., parent company of First Federal, and SCBT Financial Corp., according to The State (subscription required).

SCBT has three Lexington County locations, including one at 201 Columbiana Drive in Irmo.

First Financial is the second largest banking company based in Charleston while SCBT is the largest banking company headquartered in the Columbia area. The deal is scheduled to close in the fall of 2013, making the new company the fifth largest South Carolina based bank based on deposits. The new company will operate under the name First Financial Holdings, however no name was announced for the 148 branch locations that will be affected by the merger.

The full press release about the merger is available on the First Financial Holdings , Inc. website.

The combined company will hold approximately $8.3 billion in total assets, $6.9 billion in total deposits and $6.1 billion in total loans.