First Financial Raises $65 Million From Stock Offering

September 30, 2009 (FinancialWire) — First Financial Holdings, Inc. (NASDAQ: FFCH) (Current Market Cap: $186.60 Mil.) said it has raised $65 million through a public offering by issuing 4,193,550 shares of the company’s common stock at $15.50 per share.

The company will see net proceeds of around $60.6 million.

Sandler O’Neill is serving as sole book-running manager. The company has granted the underwriters a 30-day option to purchase up to an additional 15% of the shares sold to cover over-allotments.

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.

FinancialWire(tm) is a fully independent, proprietary news wire service. FinancialWire(tm) is not a press release service, and receives no compensation for its news, opinions or distributions. Further disclosure is at the FinancialWire(tm) web site (http://www.financialwire.net/disclosures.php). Contact FinancialWire(tm) directly via inquiries@financialwire.net.

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

Powered by EIN Presswire