Form 8-k is being submitted pursuant to Rule 901(d) of Regulation S-T
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): October 23, 1998
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) (Zip Code)
(843) 529-5800
Registrant's telephone number (including area code)
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Item 5. Other Events
On October 23, 1998, First Financial Holdings, Inc. announced that
it is commencing a stock repurchase program to acquire up to
approximately 500,000 shares, or 3.7% of the Corporation's outstanding
common stock. The repurchase plan is expected to be completed by June
30, 1999. For more information regarding this matter, see the press
release attached hereto as Exhibit 1.
Item 7. Financial Statements, Pro Forma Financial Information and
Exhibits
Exhibit (1). Press release dated October 23, 1998
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.
/s/ A. Thomas Hood
A. Thomas Hood
President and Chief Executive Officer
Date: October 27, 1998
<PAGE>
Exhibit 1
Press release dated October 23, 1998
<PAGE>
Contact: Susan E. Baham
Senior Vice President
843-529-5601
FIRST FINANCIAL HOLDINGS, INC. ANNOUNCES
DECLARATION OF DIVIDENDS AND INITIATES STOCK REPURCHASE PROGRAM
Charleston, South Carolina (October 23, 1998) -- First Financial
Holdings, Inc. today announced that its Board of Directors has
declared a regular quarterly cash dividend of $.12 per share. The
dividend, which represents a 14% increase over last quarter s $.105
per share, is payable November 20, 1998 to shareholders of record as
of November 6, 1998.
The Board of Directors also announced that the Company is
commencing a stock repurchase program to acquire up to approximately
500,000 shares of the Company's common stock, which represents
approximately 3.7% of the outstanding common stock. The repurchase
program is expected to end by June 30, 1999.
Commenting on the announcements, A. Thomas Hood, President and
Chief Executive Officer, said, "The Company achieved outstanding
results in Fiscal 1998, and we are committed to having shareholders
benefit directly in our solid growth and success. We are also
pleased that the Board has authorized the stock repurchase program."
Hood stated that the repurchases generally would be effected
through broker-assisted open market purchases, although he did not
rule out the possibility of unsolicited negotiated transactions or
other types of repurchases. No shares will be repurchased directly
from directors, officers or affiliates of the Company. Mr. Hood
explained that the price to be paid for shares purchased on the open
market will not exceed the greater of the highest independent bid or
closing independent sale price of the Company's stock on the Nasdaq
Stock Market. The number of shares to be purchased in the open
market during any day generally is not to exceed 25% of the average
daily trading volume of the common stock over the preceding four
weeks, except for block purchases.
First Financial Holdings, Inc. is the holding company of First
Federal Savings and Loan Association of Charleston and Peoples Federal
Savings and Loan Association, Conway. The Associations operate a
total of 36 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, S. C.
The common stock of First Financial Holdings, Inc. is traded on
the Nasdaq Stock Market under the symbol "FFCH."
