First Financial Holdings Inc. Acquires the Somers-Pardue Agency, Inc. of Burlington,...

First Financial Holdings Inc. Acquires the Somers-Pardue Agency, Inc. of
Burlington, NC

CHARLESTON, S.C. and BURLINGTON, N.C., April 10 /PRNewswire-FirstCall/ --
First Financial Holdings, Inc. (Nasdaq: FFCH) ("First Financial" or "Company")
today announced that its subsidiary, First Southeast Insurance Services, Inc.,
has acquired the operations of The Somers-Pardue Agency, Inc.,
("Somers-Pardue") a Burlington, North Carolina-based independent insurance
agency. Established in 1946, Somers-Pardue is one of the largest independent
agencies in the Carolinas, representing a wide range of national and regional
insurance companies. The initial purchase price is $18.8 million, with
contingent earn-out provisions over the next three years.
Somers-Pardue is a multi-line agency that writes both business and
personal insurance. Its areas of specialization include property management
and employee benefits. Somers-Pardue's operations will significantly expand
First Financial's presence in North Carolina.
"We are delighted to welcome Somers-Pardue to the First Financial family
of financial services companies," said A. Thomas Hood, president and CEO of
First Financial. "Their team of responsive, knowledgeable professionals
approach business with steadfast dedication to the needs of their customers
resulting in creative, solution-oriented results. They will be strategic
partners in our insurance and financial services businesses."
Somers-Pardue will retain its name and current management and staff
including its principals, James E. Hair, William C. Kornegay, Alan H. Crouch
and Greg A. Lunsford. Messrs. Hair, Kornegay, Crouch and Lunsford will also
serve as Executive Vice Presidents of First Southeast Insurance Services, Inc.
"Our affiliation with First Financial and First Southeast Insurance
Services will open up a broader range of financial services and products for
our customers," Hair said. "We share many things in common with the First
Financial companies including our absolute commitment to high quality,
personal service to our customers. We are delighted to be a part of the First
Financial family."
After the acquisition, First Southeast Insurance will represent more than
40 major insurance companies offering an extensive group of personal and
business insurance products that include property and liability solutions for
individuals and businesses, group employee benefits plans and individual life,
health and long term care products.
First Financial is publicly traded on the NASDAQ Global Select Market
under the ticker symbol FFCH. For more information, see the First Financial
website at www.firstfinancialholdings.com .
First Financial's insurance operations are currently among the largest in
South Carolina. Its existing agency network, First Southeast Insurance
Services, Inc., operates offices in Conway, Florence, Myrtle Beach, and
Charleston. A First Southeast subsidiary, Kinghorn Insurance Services, Inc.,
also operates offices in Hilton Head Island, Bluffton, and Ridgeland. In
addition, First Southeast subsidiaries, Johnson Insurance Associates, Inc. and
Benefit Administrators, Inc., operate from offices in Columbia. First
Financial's managing general agency, Kimbrell Insurance Group, serves agents
throughout the southeast from its office in Murrells Inlet, South Carolina.
First Financial is the thrift holding company of First Federal Savings and
Loan Association of Charleston. The Association operates a total of 57 offices
in the Charleston metropolitan area, Horry, Georgetown, Florence and Beaufort
counties in South Carolina and Brunswick County in coastal North Carolina. The
Company provides brokerage, trust and insurance services through First
Southeast Investor Services, First Southeast Fiduciary and Trust Services and
First Southeast Insurance Services.
Forward Looking Statements
Certain matters in this news release constitute forward-looking statements
within the meaning of the Private Securities Litigation Reform Act of 1995.
These forward-looking statements relate to, among others, expectations of the
business environment in which the Company operates, projections of future
performance, including operating efficiencies, perceived opportunities in the
market, potential future credit experience, and statements regarding the
Company's mission and vision. These forward-looking statements are based upon
current management expectations, and may, therefore, involve risks and
uncertainties. Management's ability to predict results or the effect of
future plans or strategies is inherently uncertain. The Company's actual
results, performance or achievements may differ materially from those
suggested, expressed or implied by forward-looking statements due to a wide
range of factors including, but not limited to, the general business
environment, general economic conditions nationally and in the State of South
Carolina, interest rates, the South Carolina real estate market, the demand
for mortgage loans, competitive conditions between banks and non-bank
financial services providers, regulatory changes and other risks detailed in
the Company's reports filed with the Securities and Exchange Commission,
including the Annual Report on Form 10-K for the fiscal year ended September
30, 2007. Accordingly, these factors should be considered in evaluating the
forward-looking statements, and undue reliance should not be placed on these
statements.
Such forward-looking statements may include projections. Such projections
were not prepared in accordance with published guidelines of the American
Institute of Certified Public Accountants or the SEC regarding projections and
forecasts nor have such projections been audited, examined or otherwise
reviewed by independent auditors of the Company. In addition, such
projections are based upon many estimates and inherently subject to
significant economic and competitive uncertainties and contingencies, many of
which are beyond the control of management of the Company. Accordingly,
actual results may be materially higher or lower than those projected. The
inclusion of such projections herein should not be regarded as a
representation by the Company that the projections will prove to be correct.
The Company does not undertake to update any forward-looking statement that
may be made on behalf of the Company.
For additional information about First Financial, please visit our web
site at www.firstfinancialholdings.com or contact Dorothy B. Wright, Vice
President-Investor Relations and Corporate Secretary, (843) 529-5931 or (843)
729-7005.
SOURCE First Financial Holdings, Inc.

Dorothy B. Wright, Vice President-Investor Relations, and Corporate Secretary,
of First Financial Holdings, Inc., +1-843-529-5931, or +1-843-729-7005