First Financial Holdings, Inc. Announces Commencement of $50 Million Public Offering
Published September 21st, 2009
First Financial Holdings, Inc. (“First Financial” or the “Company”) (Nasdaq: FFCH), the holding company for First Federal Savings and Loan Association of Charleston (“First Federal”), announced today that it has commenced an underwritten public offering of $50 million of its common stock. The net proceeds from the offering will be used for general corporate purposes which may include providing capital to support the growth of our subsidiaries and other strategic business opportunities, including FDIC-assisted transactions. The capital will also position the Company for the potential future redemption of some or all of the preferred stock issued to the U.S. Treasury under the TARP Capital Purchase Program.
Sandler O’Neill + Partners, L.P. is serving as sole book-running manager of the offering, and Keefe Bruyette & Woods, Scott & Stringfellow, LLC and FIG Partners are serving as co-managers. The Company intends to grant the underwriters a 30-day option to purchase up to an additional 15% of the shares sold to cover over-allotments, if any.
Any shares issued will be issued pursuant to a prospectus supplement filed as part of the Company’s effective shelf registration statement filed with the Securities and Exchange Commission on Form S-3 (File No. 333-154722).
This announcement shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any offer or sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. Offers will be made only by means of a prospectus and a related prospectus supplement, copies of which may be obtained from Sandler O’Neill + Partners, L.P., 919 Third Avenue, 6th Floor, New York, NY 10022 (800) 635-6859.
The Company 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 through First Southeast Insurance Services, The Kimbrell Insurance Group and First Southeast Investor Services.
