(Source: Datamonitor)
First Financial Holdings, the holding company for First Federal Savings and Loan Association of Charleston, has priced an underwritten public offering of 4.19 million shares of the company's common stock at a price to the public of $15.50 per share for gross process of approximately $65 million.
The net proceeds to the company after deducting underwriting discounts and commissions and estimated offering expenses are expected to be approximately $60.6 million.
First Financial intends to use the net proceeds from the offering for general corporate purposes, which may include, without limitation, providing capital to support the growth of its subsidiaries and other strategic business opportunities in the company's market areas, including Federal Deposit Insurance Corporation-assisted transactions.
The capital will also position the company, with the approval of the US Treasury, for the future redemption of some or all of the preferred stock issued to the Treasury under the troubled asset relief program's capital purchase program.
The company intends to close the transaction, subject to customary conditions, on or about September 29, 2009.
Sandler O'Neill + Partners is serving as sole bookrunning manager of the offering, and Keefe Bruyette & Woods, Scott & Stringfellow and FIG Partners are serving as co-managers.
The company has granted the underwriters a 30-day option to purchase up to an additional 15% of the shares sold to cover over-allotments, if any.
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