SCBT Financial Corp And Peoples Bancorporation Inc. To Merge

SCBT Financial Corp and Peoples Bancorporation Inc. announced the signing of a definitive merger agreement under which SCBT will acquire Peoples Bancorporation. 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. 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. Keefe, Bruyette & Woods, Inc. served as financial advisor and Wachtell, Lipton, Rosen & Katz provided legal counsel to SCBT. Scott & Stringfellow served as financial advisor and Haynsworth Sinkler Boyd, P.A. served as legal counsel to Peoples Bancorporation.