(KAREN BLEIER/AFP/Getty Images)
Columbia, SC (WLTX) - SCBT and First Financial Holdings will merge, creating a new large regional bank.
The companies announced their union Wednesday morning.
According to a release, the companies say once combined, they'll have $8.3 billion in total assets, and will rank fifth in deposit market share in South Carolina.
The new company will have 148 branches in the Carolinas.
"We are pleased to announce that two of the Southeast's oldest, strongest and largest banks are merging to form a dynamic banking company," said SCBT Financial CEO Robert R. Hill Jr. in a statement. "Our two banks complement each other significantly and, because of our size, earnings power and strength, we will be uniquely positioned to build a premier regional bank in the Southeast."
First Financial operates First Federal Bank, which has 66 locations in the Carolinas.
"We will collectively continue to deliver the highest level of service, while maintaining our community banking values," said First Financial CEO R. Wayne Hall. "Together, we will collaborate to evaluate our strengths and work to leverage the best of each of our institutions."