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.
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