Press Releases
Grayson, Vaughn Assist in Bank Merger
(December 20, 2011) -- Greenville partner Neil Grayson (Left) and Atlanta partner Charles Vaughn (Right) represented financial advisor Scott & Stringfellow in connection with a definitive merger agreement announced today under which SCBT Financial Corporation will acquire Peoples Bancorporation. Mr. Grayson and Mr. Vaughn assisted the financial advisor in their fairness opinion to the board of Peoples.
Upon completion of the transaction, the combined company will have approximately $4.5 billion in assets, $3.8 billion in total deposits, and $3.2 billion in total loans. The merger agreement has been approved by the board of directors of each company. The transaction is expected to close in the second quarter of 2012 and is subject to customary conditions, including approval by Peoples Bancorporation shareholders, and regulatory approvals.
The combined company will operate 78 locations in S.C., N.C., and Georgia. Post-merger the company will have 28 offices in counties along the I-85 corridor connecting Charlotte, Greenville and Atlanta and the combined company will be the 6th largest bank in South Carolina by deposit market share and the 7th largest in the Upstate.
Under the terms of the agreement, Peoples Bancorporation shareholders will receive 0.1413 shares of SCBT common stock per share of PBCE common stock, subject to certain adjustments. The stock issuance is valued at approximately $28.4 million in the aggregate, based on 7,105,563 shares of Peoples Bancorporation common stock outstanding.
