With $15 million loan, SCBT poised for growth
By T&D StaffFriday, September 26, 2008South Carolina Bank and Trust reported Thursday that it is borrowing $15 million.
Its debt agreement provides for a $15 million unsecured subordinated term loan with a maturity of seven years. The subordinated debt is pre-payable at any time without penalty. The transaction closed on Sept. 22, 2008.
“We are pleased that the sound financial condition of South Carolina Bank and Trust allows us to pursue this enhancement to our capital structure.” said Robert R. Hill, Jr., CEO. “We feel the market will begin to present many opportunities to banks that are strong, and therefore we are adding to our capital in order to be well-positioned to take advantage of these opportunities.”
Bank officials say the loan will enable the institution to boost its capital ratio and grow in difficult financial times.
South Carolina Bank and Trust operates 50 financial centers in 16 South Carolina counties and the Charlotte area of North Carolina. It is the lead bank subsidiary of SCBT Financial Corp., which is traded on the NASDAQ exchange under the symbol SCBT.
