COLUMBIA, S.C. — SCBT Financial Corp. (NASDAQ: SCBT) announced Thursday it has completed its acquisition of The Savannah Bancorp, Inc.
Under the terms of the merger agreement, Savannah Bancorp shareholders will receive 0.2503 shares of SCBT common stock for each share they owned or a total of about 1.8 million shares of SCBT stock.
Savannah Bancorp’s two banking subsidiaries, The Savannah Bank and Bryan Bank & Trust have become part of South Carolina Bank and Trust, a wholly-owned banking subsidiary of SCBT Financial. When merger activities are finished, these locations will operate as The Savannah Bank, a Division of SCBT.
Until that time, they will continue under their current names. SCBT also will continue to operate Minis & Co., Inc., an investment advisor and wholly-owned subsidiary of Savannah Bancorp.
“Savannah is a great market, and we are very pleased with the support we have received from shareholders, customers and employees,” said Robert R. Hill, Jr., SCBT’s president and CEO. “We look forward to using our combined financial strength to help businesses and individuals in Savannah, Richmond Hill and coastal Georgia.”
John C. Helmken, II, president and CEO of Savannah Bancorp, said the capacity, experience and culture of SCBT and its leadership and staff have been embraced by his firm’s banks, bankers, communities and customers.
“We have felt the positive impact and excitement of this partnership building in anticipation of today’s merger,” Helmken said. “It is an exciting day when customers, shareholders and communities are all made better through new opportunities.”
Through the acquisition, SCBT has added eleven full-service banking locations in the Savannah metro area.