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Previous: HALSEY DRUG CO INC/NEW, 3, 2000-02-28 |
Next: BEAUTICONTROL COSMETICS INC, 10-K405, 2000-02-28 |
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): February 25, 2000
First Financial Holdings, Inc. (Exact name of registrant as specified in charter) Delaware 0-17122 57-0866076 State or other jurisdiction of incorporation Commission File Number I.R.S. Employer I.D. number 34 Broad Street, Charleston, South Carolina 29401 (Address of principal executive offices) (Zip Code) (843)529-5933 Registrant's telephone number (including area code)
Item 5. Other Events
On February 25, 2000, 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 September 30, 2000. 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 February 25, 2000.
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/ Susan E. Baham Susan E. Baham Senior Vice President and Chief Financial Officer Date: February 28, 2000
Exhibit 1
Press release dated February 25, 2000.
Contact: Susan E. Baham Senior Vice President 843-529-5601 FIRST FINANCIAL HOLDINGS, INC. ANNOUNCES
STOCK REPURCHASE PROGRAMCharleston, South Carolina (February 25, 2000) -- First Financial Holdings, Inc. (NASDAQ: FFCH) today announced that the Board of Directors has authorized the Company to commence 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 September 30, 2000.
Commenting on the announcement, A. Thomas Hood, President and Chief Executive Officer, said, "We are pleased that the Board has authorized the stock repurchase program. The Board believes that the current market price of the Company's common stock does not adequately reflect the true value of the Company."
Hood also 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. 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 39 offices in South Carolina located in the Charleston Metropolitan area and Horry, Georgetown, Florence and Beaufort Counties and a loan origination office in coastal North Carolina. The Company also provides brokerage, trust and insurance services through First Southeast Investor Services, First Southeast Fiduciary and Trust Services and First Southeast Insurance Services.
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