US based bank holding company SCBT Financial (SCBT) has completed the acquisition of The Savannah Bancorp (SAVB).
As per terms of the deal, SAVB shareholders will receive 0.2503 shares of SCBT common stock in exchange for each SAVB share they own.
Once the transaction is completed, The Savannah Bank and Bryan Bank & Trust will integrate and become a part of SCBT and operate as a wholly-owned banking subsidiary.
Commenting on the deal, SCBT Financial president and chief executive officer Robert Hill said the acquisition will combine its financial strength to help businesses and individuals in Savannah, Richmond Hill and coastal Georgia.
Following completion of the acquisition, the acquirer will get 11 full-service banking branches in the Savannah MSA.
Headquartered in South Carolina and having $5.2bn in assets, SCBT Financial manages SCBT bank, NCBT, and Community Bank & Trust.