Business & Finance
Business and Finance
Business and Finance
Tue, January 20, 2009 SCBT Financial Corporation Completes Sale of $64.8 Million in Preferred Shares to U.S Treasury
COLUMBIA, S.C.--([ BUSINESS WIRE ])--SCBT Financial Corporation (NASDAQ: SCBT) announces today that it has completed the sale of $64.8 million in preferred stock and warrants to the U.S. Treasury as part of the government's Capital Purchase Program. SCBT issued to the Treasury 64,779 shares of Fixed Rate Cumulative Perpetual Preferred Stock, Series T, and a ten-year warrant to purchase up to 303,083 shares of SCBT's common stock at an initial exercise price of $32.06 per share. SCBT's preliminary approval to participate in the program was announced on December 19, 2008.
"SCBT Financial Corporation has been one of the top performing banks in the country and we continue to have a very strong capital position," said Robert R. Hill, Jr., CEO. "Therefore, we felt we could be part of a solution in helping our customers and communities face challenging economic times by participating in the Capital Purchase Program. Both South Carolina Bank and Trust and North Carolina Bank and Trust continue to see opportunities to make investments in our communities. In particular, we see a great opportunity to invest these funds to help support the approximately $150 million in mortgages that we have in process today. We also just committed $25 million to help the South Carolina Student Loan Corporation fund student loans for the 2009 and 2010 school year. We will continue to seek ways to support our customers and communities."
SCBT Financial Corporation, Columbia, South Carolina is a registered bank holding company incorporated under the laws of South Carolina. The Company consists of SCBT, N.A., the third largest bank headquartered in South Carolina and NCBT, a Division of SCBT, N.A. Providing financial services for nearly 75 years, SCBT Financial Corporation operates 50 financial centers in 16 South Carolina counties and Mecklenburg County in North Carolina. SCBT Financial Corporation has assets of approximately $2.8 billion and its stock is traded under the symbol SCBT on the NASDAQ Global Select Market. More information can be found at [ www.SCBTonline.com ].
Statements included in this press release which are not historical in nature are intended to be, and are hereby identified as, forward looking statements for purposes of the safe harbor provided by Section 21E of the Securities and Exchange Act of 1934, as amended. SCBT Financial Corporation cautions readers that forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from forecasted results. Such risks and uncertainties, include, among others, the following possibilities: (1) credit risk associated with an obligor's failure to meet the terms of any contract with the bank or otherwise fail to perform as agreed; (2) interest risk involving the effect of a change in interest rates on both the bank's earnings and the market value of the portfolio equity; (3) liquidity risk affecting the bank's ability to meet its obligations when they come due; (4) price risk focusing on changes in market factors that may affect the value of traded instruments in "mark-to-market" portfolios; (5) transaction risk arising from problems with service or product delivery; (6) compliance risk involving risk to earnings or capital resulting from violations of or nonconformance with laws, rules, regulations, prescribed practices, or ethical standards; (7) strategic risk resulting from adverse business decisions or improper implementation of business decisions; (8) reputation risk that adversely affects earnings or capital arising from negative public opinion; and (9) terrorist activities risk that results in loss of consumer confidence and economic disruptions.
