Charleston bank executive Wayne Hall will shift to an advisory role at First Financial Holdings Inc. next year under a plan to exit the regional lender.
Hall has been president of the company since July, when the owners of First Federal Bank of Charleston and Columbia-based SCBT merged in a $447 million stock swap.
He entered into "a transition" agreement with First Financial Holdings on Jan. 31, according to a filing this week with the Securities and Exchange Commission.
The terms of the deal call for Hall to give up his title of chief risk officer. Also, he won't be nominated for re-election to the board of directors next year.
Hall will continue as president of the company and report to First Financial Holdings CEO Robert Hill through June 2015. He'll be paid a $475,000 base salary and a maximum annual bonus of $300,000, according to the agreement.
Afterward, Hall will become senior banking adviser with the company for three years. He will be paid $39,583 a month - or more than $1.4 million in total - and be eligible for annual performance-based incentive payments of up to $200,000.
Hall joined the First Federal franchise in Charleston in 2006 as an executive vice president. He was promoted to CEO in 2010. He had a key role in selling the Charleston region's largest and oldest bank to SCBT Financial Corp., which is now integrating the two businesses.
The Columbia-based owner of combined lenders took the First Financial Holdings name but kept the SCBT stock symbol.