In July 2013, the merger between SCBT Financial Corporation and First Financial Holding Inc.’s subsidiary, First Federal Bank, was completed. The combined company is now the largest publicly traded bank holding company headquartered in South Carolina, ranking fifth statewide, by deposit market share. This merger explains why all five guru stakeholders sold out their First Financial Holdings Inc. (FFCH
) as of the third quarter. The newly merged company is also called First Financial Holdings Inc., but trades under a new stock ticker SCBT.
First Financial’s CEO Robert R. Hill Jr. commented in a company press release: “We are very pleased to announce the completion of the largest in-state merger in South Carolina history. I am equally pleased with the very strong shareholder and customer support…Together, these long standing banking institutions create a very convenient bank for our customers while retaining local decisions, local leadership and a community bank culture.” Continue Reading »