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SCBT Financial Corporation (NASDAQ: SCBT) and The Savannah Bancorp, Inc. (NASDAQ: SAVB) jointly announced today the signing of a definitive merger agreement under which SCBT will acquire The Savannah Bancorp, Inc. for a total value of approximately $67.1 million.
Founded in 1990, The Savannah Bancorp, Inc. operates two banking subsidiaries, The Savannah Bank and Bryan Bank & Trust, which collectively have 11 locations in South Carolina and Georgia. Savannah Bancorp also operates Minis & Co., Inc., a registered investment advisor.
“The Savannah Bancorp team has built a strong community bank with a great reputation and excellent market share. We have known and respected The Savannah Bancorp for quite some time and look forward to continuing their legacy of service to the community. The cultures of our two organizations are very similar and we believe this partnership is a great opportunity for the customers, employees and shareholders of both companies,” said Robert R. Hill, Jr., president and CEO, SCBT Financial Corporation.
Upon completion of the transaction, the combined company will have approximately $5.3 billion in total assets, $4.5 billion in total deposits, $3.8 billion in total loans, and a network of 87 branches in the Carolinas and Georgia. The two companies currently serve four common counties in South Carolina and Georgia, where, on a pro forma basis, the combined company will have $1.2 billion in deposits earning it the #3 ranking in market share (source: SNL Financial). Minis & Co., Inc., combined with SCBT’s existing Wealth Management Group, will have total assets under management of approximately $1.6 billion.
“We are pleased and excited to be joining forces with such a high-performing and well capitalized banking company. We believe this combination will be a win-win for our respective shareholders, and will enable our talented staff to continue to focus on what they do best ~ serving our communities,” said J. Curtis Lewis, III, Chairman of the Board of The Savannah Bancorp, Inc.