SCBT Financial Corporation (SCBT: Quote) Wednesday announced that it has entered into a definitive agreement with The Savannah Bancorp Inc (SAVB) under which it will acquire the latter for a total consideration of approximately $67.1 million.
The company, engaged in the provision financial services for the past 78 years, stated that upon completion of the proposed acquisition, the combined company will have approximately $5.3 billion in total assets, $4.5 billion in total deposits, $3.8 billion in total loans, and a network of 87 branches in the Carolinas and Georgia.
As per the terms of the agreement, which has been unanimously approved by the Board of Directors of both the companies, shareholders of The Savannah Bancorp, Inc. will receive 0.2503 shares of SCBT common stock for each share of SAVB common stock. The stock issuance is valued at approximately $67.1 million in the aggregate, based on 7,199,237 shares of SAVB common stock outstanding and on SCBT's August 7, 2012 closing stock price of $37.21.
The proposed merger transaction is expected to close in the fourth quarter of 2012 and is subject to customary conditions, including approval by both SCBT and SAVB shareholders.
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by RTT Staff Writer
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