FORM 8-K
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C. 20549
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported):
November 7, 1997
First Financial Holdings, Inc.
(Exact name of registrant as specified in charter)
Delaware 0-17122 57-0866076
State or other Commission I.R.S. Employer
jurisdiction of File Number I. D. number
incorporation
34 Broad Street, Charleston, South Carolina 29401
(Address of principal executive offices)
(803) 529-5800
Registrant's telephone number (including area code)
Not Applicable
(Former name or former address, if changed since last report)
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Item 5. Other Events
On November 7, 1997, First Financial Holdings, Inc.
("Corporation") consummated the previously announced acquisition
of Investors Savings Bank of South Carolina, Inc. ("Investors").
The acquisition was accomplished by the merger of Investors into
the Corporation s wholly-owned subsidiary, Peoples Federal
Savings and Loan Association of South Carolina. Each share of
Investors common stock was converted into the right to receive
1.36 shares of the Corporation s common stock. The Corporation
will issue approximately 354,399 shares in exchange for all of
the outstanding shares of Investors common stock. Based on the
last reported sale price of the Corporation s common stock on
November 7, 1997, such shares had an aggregate value of
approximately $14.4 million. Cash will be paid in lieu of
fractional shares. Investors operated two branches in Florence,
South Carolina and at September 30, 1997 had assets of $62.7
million, deposits of $55.0 million and stockholders equity of
$7.3 million.
Additional information concerning the acquisition is
contained in the press release issued by the Corporation on
November 10, 1997, attached hereto as Exhibit 99 and
incorporated herein by reference.
Item 7. Financial Statements, Pro Forma Financial Information
and Exhibits
(c) Exhibits:
2 Agreement and Plan of Merger dated June 25, 1997 by
and between First Financial Holdings, Inc., Peoples
Federal Savings and Loan Association of South
Carolina and Investors Savings Bank of South
Carolina, Inc. (incorporated by reference to
Appendix A to the Prospectus/Proxy Statement
contained in the Corporation s Registration
Statement on Form S-4 (File No. 333-33951)).
99 Press Release dated November 10, 1997.
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act
of 1934, the registrant has duly caused this report to be signed
on its behalf by the undersigned, hereunto duly authorized.
FIRST FINANCIAL HOLDINGS,
INC.
By: /S/ A. Thomas Hood
A. Thomas Hood
President and Chief
Executive Officer
Date: November 13, 1997
<PAGE>
Exhibit 99
Press release dated November 10, 1997
Contact: Susan E. Baham
Senior Vice President
(803) 529-5601
FIRST FINANCIAL HOLDINGS, INC. COMPLETES ACQUISITION
OF INVESTORS SAVINGS BANK OF SOUTH CAROLINA
Charleston, South Carolina (November 10, 1997) -- First
Financial Holdings, Inc. (NASDAQ: FFCH), today announced that
the acquisition of Investors Savings Bank of South Carolina,
Inc. was completed at the close of business on Friday, November
7, 1997. Founded in 1984, Investors Savings Bank has
approximately $62.7 million in total assets, $55.0 million in
deposits, $47.1 million in loans and $7.3 million in
stockholders equity at September 30, 1997. Investors Savings
Bank operates two full service branches in the City of Florence,
South Carolina. The transaction will be accounted for as a
pooling of interests. Each share of Investors Savings Bank
common stock will be exchanged for 1.36 shares of First
Financial common stock. The deal is valued at approximately
$14.4 million based on Friday s closing price of $40.75 per
First Financial share.
A. Thomas Hood, President and Chief Executive Officer,
commented, "Through the merger of Investors into our subsidiary,
Peoples Federal, we are combining experienced management and
staff of both institutions to better serve the Florence, South
Carolina market. We are excited to begin a new era in Florence
for Peoples Federal under the leadership of Joe Carson who is
now Senior Vice President and Florence City Executive of Peoples
Federal."
First Financial is a $1.8 billion multiple thrift holding
company for First Federal of Charleston and Peoples Federal
Savings and Loan Association of Conway. The Associations
operate a total of 34 offices in South Carolina located in the
Charleston Metropolitan area and Horry, Georgetown and Florence
Counties, a loan origination office in coastal North Carolina
and a private banking office in Hilton Head, South Carolina.
