UNITED STATES

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): September 22, 2008

 

 

SCBT FINANCIAL CORPORATION

(Exact name of registrant as specified in its charter)

 

 

(800) 277-2175

(Registrant’s telephone number, including area code)

 

Not Applicable

(Former name or former address, if changed since last report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

o  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

o  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

o  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

o  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

 

Item 1.01 Entry into a Material Definitive Agreement

 

On September 22, 2008, South Carolina Bank and Trust, N.A. (“Bank”), a wholly-owned subsidiary of SCBT Financial Corporation (“SCBT”), executed a Subordinated Term Loan Agreement (“Agreement”) by and among the Bank as borrower and SunTrust Bank, attached hereto as Exhibit 10.1, which provides, subject to certain terms and conditions, for unsecured borrowings by the Bank of a $15 million credit facility.  The Agreement was arranged by SunTrust Robinson Humphrey, Inc.

 

Also on September 22, 2008, the Bank borrowed $15 million under the Agreement with a maturity date of September 30, 2015.  The subordinated term loan bears interest at three-month LIBOR for such interest period plus 3.50% per annum, payable quarterly.  The Bank may prepay at par without premium.  The subordinated debt qualifies as Tier 2 regulatory capital for the first two years, with the capital treatment phasing out twenty percent per year thereafter.

 

Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant

 

The relevant disclosure set forth in Item 1.01 above is incorporated herein by reference in response to this Item 2.03.

 

Item 8.01 Other Events

 

On September 23, 2008, SCBT issued a press release that announced the addition of $15 million of Tier 2 regulatory capital under the Agreement, as described above.  A copy of the press release is furnished as Exhibit 99.1 hereto and incorporated by reference herein.

 

Item 9.01 Financial Statements and Exhibits

 

(d) Exhibits.

 

Exhibit No.		Description
10.1		Subordinated Term Loan Agreement and Note, dated as of September 22, 2008, among South Carolina Bank and Trust, N.A., as borrower and SunTrust Bank, as lender
99.1		Press Release dated September 23, 2008

 

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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.

 

 

		SCBT FINANCIAL CORPORATION
		(Registrant)
Date:	September 23, 2008	/s/ John C. Pollok
		John C. Pollok
		Senior Executive Vice President and
		Chief Financial Officer

 

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Exhibit Index

 

Exhibit No.		Description
10.1		Subordinated Term Loan Agreement and Note, dated as of September 22, 2008, among South Carolina Bank and Trust, N.A., as borrower and SunTrust Bank, as lender
99.1		Press Release dated September 23, 2008

 

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