Frst Federal has third straight quarter profits as it absorbs six bank branches
The parent of First Federal Bank reported its third straight quarterly profit Monday while beefing up its Grand Strand business and cracking into a new market in the Upstate.
North Charleston-based First Financial Holdings Inc. said it earned about $770,000, or 5 cents a share. after subtracting dividend payments on its preferred stock. The company posted a $430,000 loss for the same quarter of 2011. The latest results included a $2.1 million tax-related write-off stemming from First Federalís recent conversion to a state-chartered commercial bank, ending its 78-year run as a savings and loan association.
First Federal officials spent the weekend at six branches it took over after the close of business Friday, when the owner of Pawleys Island-based Plantation Federal Bank failed. The offices were reopened on Monday as First Federal locations.
Fridayís transaction with the Federal Deposit Insurance Corp. included three Greenville branches that Plantation Federalís owner ran as First Savers Bank.
Reach John P. McDermott at 937-5572.