With the purchase of Georgia-based full service community bank, the acquirer operates a total of 83 financial centers in Georgia, North Carolina and South Carolina.
Established in 1904, Habersham Bank manages eight banking locations in Habersham, Hall, White, Stephens, Warren, and Cherokee Counties in Georgia and had circa $388m in total assets and $340m in total deposits, as of 31 December 2010.
The acquirer will not purchase any of the assets or assume any liabilities of Habersham Bank’s former bank holding company, Habersham Bancorp.
SCBT Financial Corp CEO Robert R Hill, Jr., said that the integration of the two banks will build one of the strongest and most convenient banks in Northeast Georgia.
After completion of the transaction, Habersham Bank depositors will automatically become depositors of SCBT, and their deposits will remain insured by the FDIC.
Sandler O’Neill + Partners, L.P. and Wachtell, Lipton, Rosen & Katz acted as advisors to SCBT pertaining to the transaction.
