Published Dec. 13, 2012
Columbia-based SCBT Financial Corp. said today it completed the acquisition of The Savannah Bancorp Inc.
Under the terms of the merger agreement, Savannah Bancorp shareholders will receive approximately 0.25 shares of SCBT’s common stock in exchange for each Savannah Bancorp share they owned, or approximately 1.80 million shares of the company’s common stock.
Savannah Bancorp’s two banking subsidiaries, The Savannah Bank N.A. and Bryan Bank & Trust, have combined and are now part of SCBT.
Upon completion of merger integration, these locations will operate as The Savannah Bank, a division of SCBT. Until that time, the banks will continue under their current names. SCBT will also continue to operate Minis & Co. Inc., a registered investment adviser 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 president and CEO. “We look forward to using our combined financial strength to help businesses and individuals in Savannah, Richmond Hill and coastal Georgia.”
SCBT Financial Corp. comprises SCBT, the third-largest bank headquartered in South Carolina; NCBT, a division of SCBT; and Community Bank & Trust, a division of SCBT.