First Financial plans Hall’s exit

Staff Report
Published Feb. 10, 2014

First Financial Holdings reports that it has entered into a transition and advisory agreement with R. Wayne Hall, the company’s president and chief risk officer.

Since July, Hall has served as a top executive of First Financial, parent of First Federal Bank of Charleston, after it was acquired by Columbia-based SCBT Financial for $447 million.

wayne hall pic


In a document filed with the Securities and Exchange Commission, the company said it entered into a transition agreement on Jan. 31 with Hall. The filing added that Hall will cease to serve as the chief risk officer and will no longer be a board member after April 2015.

Hall will stay on as president of First Financial until June 30, 2015, reporting to CEO Robert Hill Jr. He will then serve as senior banking adviser through July 23, 2018.

Through the transition, Hall’s annual base salary is $475,000 a year, and he will be eligible for an annual bonus of $200,000 to $300,000, use of an automobile and reimbursement for expenses.

During his service as an adviser, Hall is entitled to a monthly salary of $39,583 and an annual incentive payment of up to $200,000.

Hall joined First Federal in 2006 and was named CEO in 2010, guiding it through the merger with SCBT.

After the merger, SCBT took the First Financial name for the holding company but retained its stock symbol.

The company expects to complete the integration of the two banking companies, which have combined assets of $7.9 billion and more than 120 locations in the Carolinas and Georgia.

The company also expects to rebrand this summer.

Email Print

Do you give this article a thumbs up? Thumbs_upYes