By Lauren Ratcliffe
Published April 23, 2012
First Financial Holdings has expanded in Hilton Head by acquiring of five bank branches.
First Financial is the holding company of Charleston-based First Federal Bank and is the seventh-largest financial institution in South Carolina by market share, according to number from the FDIC.
The bank acquired the five retail banking branches from Liberty Savings Bank, FSB. The deposits with those branches totaled $115.6 million made up of predominantly core transaction and savings accounts.
As a part of the transaction, First Federal also purchased approximately $21 million in loans.
The bank had been the 12th largest bank by market share in Beaufort County, but now commands seventh position in market share based on FDIC 2011 deposit rankings.
Prior to the acquisition, First Federal had three offices in the Hilton Head market. Three of the acquired branches were consolidated for a net addition of two branch locations, giving the bank five total offices in the Hilton Head area.
“We have enjoyed serving the Hilton Head and Bluffton area for over 19 years,” bank President and CEO R. Wayne Hall said. “This opportunity allows us to expand our presence in this market, offering an increased network of convenient financial centers and ATMs for our customers.”