First Financial Holdings Inc., parent company of Charleston-based First Federal Bank, announced today that it has completed its acquisition of five banks in Hilton Head from Liberty Savings Bank.
The acquired banks’ deposits totaled about $115.6 million and consisted predominately of core transaction and savings accounts. First Federal also purchased about $21 million in loans, primarily residential mortgages and home equity lines of credit.
As a result of the transaction, First Federal moved from 12th in market share in Beaufort County to 7th, based on 2011 Federal Deposit Insurance Corp. deposit rankings.
Prior to completion of the transaction, First Federal had three offices in the Hilton Head market. As a result of this transaction three offices were consolidated for a net addition of two locations, giving First Federal a total of five offices in the Hilton Head market.
“We have enjoyed serving the Hilton Head and Bluffton area for over 19 years,” said R. Wayne Hall, president and chief executive officer of First Financial and First Federal. “This opportunity allows us to expand our presence in this market, offering an increased network of convenient financial centers and ATMs for our customers.”
Reach Warren L. Wise at 937-5524 or twitter.com/warrenlancewise.