First Financial Holdings of Charleston announced Wednesday that subsidiary First Federal Savings and Loan Association has signed an agreement to acquire the deposits and some loans of Liberty Savings Bank’s South Carolina offices.
Liberty, which is headquartered in Ohio, has five branches in Hilton Head with total deposits of nearly $110 million.
As part of the transaction, First Federal will purchase approximately $27 million in loans, according to information filed with the US Securities and Exchange Commission.
“The purchase of these offices increases First Federal’s deposit base in an important market, which is consistent with one of our strategic objectives to expand our presence in markets where we operate,” First Financial Chief Executive Wayne Hall said in a statement.
First Federal currently has three offices in the Hilton Head market.
In all, the company has $3.3 billion in assets and more than 60 branches, with locations all along the coasts of South Carolina and North Carolina.
The deal is expected to close at the end of the third quarter or early fourth quarter of 2011.
Stock in First Financial closed down at 4.5 percent, to $9.63.