UPDATE: SCBT Financial Corporation and Peoples Bancorporation to Merge; Peoples Bancorp Up 143%
SCBT Financial Corporation (NASDAQ: SCBT], the holding company for SCBT, N.A., and Peoples Bancorporation, Inc. (OTCBB:PBCE] founded in 1986, the holding company of Peoples National Bank, Bank of Anderson, N.A., and Seneca National Bank, jointly announced today the signing of a definitive merger agreement under which SCBT will acquire Peoples Bancorporation. Founded in 1933, SCBT is the largest publicly traded bank headquartered in South Carolina.
Upon completion of the transaction, the combined company will have approximately $4.5 billion in assets, $3.8 billion in total deposits, and $3.2 billion in total loans. The merger agreement has been approved by the board of directors of each company. The transaction is expected to close in the second quarter of 2012 and is subject to customary conditions, including approval by Peoples Bancorporation shareholders, and regulatory approvals.
"We have had a very good and long-term relationship with Peoples Bancorporation," said Robert R. Hill, Jr., president and CEO of SCBT. "Peoples Bancorporation has been committed to the communities of the upstate of South Carolina for over 25 years and we look forward to continuing this legacy. Our companies have similar cultures making this a natural partnership and one that will serve our customers, employees and shareholders very well."
(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.