First Financial announces common stock closing

First Financial Holdings Inc., the holding company for First Federal Savings and Loan Association of Charleston, announced that it has raised $65.0 million through the previously public offering by issuing 4,193,550 shares of the company’s common stock at a price of $15.50 per share. The net proceeds to the company after deducting underwriting discounts and commissions and estimated offering expenses are expected to be $60.6 million.

“We appreciate the support shown by the investors who participated in our public offering,” A. Thomas Hood, president and CEO, said in a press release. “First Financial is well positioned to respond to business opportunities as they may arise.”

Sandler O’Neill + Partners L.P. is serving as sole book-running manager of the offering, and Keefe Bruyette & Woods, Scott & Stringfellow and FIG Partners are serving as co-managers. The company has granted the underwriters a 30-day option to purchase up to an additional 15 percent of the shares sold to cover over-allotments, if any.

First Federal Savings and Loan Association of Charleston, operates 63 offices located in the Charleston metropolitan area, Horry, Georgetown, Florence and Beaufort counties in South Carolina and in Brunswick, New Hanover and Pender counties in coastal North Carolina. The company also provides insurance and brokerage services through First Southeast Insurance Services, The Kimbrell Insurance Group and First Southeast Investor Services.