Sep. 24--First Financial Holdings Inc. has begun a public offering of about 2.84 million shares of common stock.

The offering will be priced in the next day or two, Dorothy B. Wright, First Financial vice president-investor relations, said Wednesday.

The parent of First Federal Savings and Loan Association of Charleston said net proceeds will be used for general corporate purposes.

The offering is of about 2.84 million shares based on a Sept. 18 closing price of $17.59 a share on the Nasdaq. First Financial had about 11.7 million shares outstanding as of Aug. 31, according to a prospectus filed Monday with the

Securities and Exchange Commission.

First Financial said the offering will increase its tangible common equity ratio to 6.6 percent versus 5.97 percent for peer banks.

It "positions First Financial to take advantage of competitor dislocation and recent management additions in commercial lending and wealth management," the prospectus said.

It "positions First Financial to take advantage of strategic acquisition opportunities and FDIC-

assisted transactions."

And it "provides the capital flexibility to consider repayment of TARP preferred stock and associated warrants."

First Financial received $65 million under the U.S. government's Troubled Asset Relief Program in return for 65,000 preferred shares.

Wayne Faulkner: 343-2329

On Twitter.com: @bizniznews

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