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First Financial Prices $65 Million Of Common Shares

offerings_lg_225-px_bwSeptember 25, 2009 (FinancialWire) — First Financial Holdings, Inc. (NASDAQ: FFC) has priced a public offering of 4,193,550 shares of the company’s common stock at $15.50 per share for gross process of around $65.0 million. Sandler O’Neill is serving as sole book-running manager of the offering.

The company will see net proceeds of around $60.6 million. First Financial plans to use the funds for general corporate purposes, which may include providing capital to support the growth of its subsidiaries and other strategic business opportunities, including FDIC-assisted transactions.

First Financial said the capital will also position the company, with the approval of the U.S. Treasury, for the future redemption of some or all of the preferred stock the company issued to the U.S. Treasury under the TARP Capital Purchase Program.

The company plans to close the transaction on or about September 29.

Charleston, South Carolina-based First Financial Holdings is the holding company for First Federal Savings and Loan Association of Charleston, which operates 63 offices located in the Charleston metropolitan area, Horry, Georgetown, Florence and Beaufort counties in South Carolina and in Brunswick, New Hanover and Pender counties in coastal North Carolina offering banking and trust services.

The company also provides insurance and brokerage services through First Southeast Insurance Services, The Kimbrell Insurance Group and First Southeast Investor Services.

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Free annual reports for companies mentioned in the news are available through the Free Annual Reports Service (http://investrend.ar.wilink.com/?level=279).

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