Southstate Bank Corporation · NYSE:SSB
Southstate Bank — SCBT Financial — Merger or Acquisition (August 2007)
17 slides from Southstate Bank's merger presentation, Aug 30, 2007
Slide 1: Building The Carolinas' Premier Community Bank Transaction Overview
Building The Carolinas' Premier Community Bank Transaction Overview August 30, 2007
Slide 2: Additional Information about the Merger and Where to Find It
Additional Information about the Merger and Where to Find It SCBT will file a registration statement, a proxy statement/prospectus and other relevant documents concerning the proposed transaction with the Securities and Exchange Commission (the “SEC”). TSB shareholders are urged to read the registra
Slide 3: Forward Looking Statements
Forward Looking Statements Statements contained in this presentation, which are not historical facts, are forwardlooking statements. In addition, SCBT Financial Corporation (SCBT) through its senior management or directors may from time to time make forward-looking public statements concerning matte
Slide 4: Transaction Overview
Transaction Overview
Slide 5: Summary Terms
Transaction Overview Consideration Mix: 939,372 shares of SCBT common stock issued Fixed exchange ratio: 0.993x $9.4 million in aggregate cash consideration (includes cash-out value of options) Approximately 85% stock / 15% cash (1) Based on consideration mix and SCBT’s 10-day average closing stock
Slide 6: Strategic Rationale
Strategic Rationale
Slide 7: Enhances Overall Banking Franchise
Transaction Overview Strategic Rationale Enhances Overall Banking Franchise - Further positions SCBT in high-growth, demographically-attractive markets (1) Based on FDIC deposit data. 2006 data is pro forma for the acquisition of TSB Financial Corporation. Dollar amounts in thousands. (2) SCBT Finan
Slide 8: Results in Top Deposit Market Share in the Charlotte MSA
Transaction Overview Strategic Rationale Results in Top 10 Deposit Market Share in the Charlotte MSA - Population: 1.6 million; Total deposits: $94.0 billion - Historical population growth of 22% - approximately 2.5x the national average - 5th highest median household income in the Southeast Branch
Slide 9: North Carolina Banking Franchise Offers Significant Growth Potential
Transaction Overview Strategic Rationale North Carolina Banking Franchise Offers Significant Organic and Acquisitive Growth Potential - Only 5 banks under $10 Billion in Assets operate in both North and South Carolina (1) Note: Dollar values in thousands. (1) Includes SCBT Financial Corporation. (2)
Slide 10: Significant Upside Potential to Scottish Bank's Financial Performance
Transaction Overview Strategic Rationale Significant Upside Potential to Scottish Bank’s Financial Performance - Cost savings opportunities: YTD efficiency ratio of 78.4% - Revenue synergies and cross-sale opportunities: YTD non-interest income / Avg. Assets of 0.34% - Higher legal-lending limit exp
Slide 11: Manageable Execution Risk
Transaction Overview Strategic Rationale Manageable Execution Risk - Market knowledge through existing presence in the Charlotte MSA - Due diligence completed - CEO and relationship managers to remain Pro Forma Financial Results - Long-term accretive as the Scottish Bank leverages the resources of S
Slide 12: Corporate Profiles
Corporate Profiles
Slide 13: TSB Financial Corporation
TSB Financial Corporation Established in 1998 Meaningful insider ownership: 26.4% - John Stedman, TSB’s CEO, is the largest shareholder with 7.5% ownership Currently operates four branches and one LPO in the Charlotte MSA - New South Park corporate headquarters expected to open in November 2007 Fina
Slide 14: TSB Financial Corporation Business Mix
1.3% 33.7% 16.7% 28.4% Noninterest Bear ing NOW, MMDA & Savings Time Deposits < $100,000 Time Deposits> $100,000 10.4% 1.5% 19.4% 24.8% 0.4% 43.6% 1-4 Family Multifamily Commercial Real Estate Construction & Development Commer cial & Industr ial Consumer 10.4% 1.5% 19.4% 24.8% 0.4% 43.6% 1-4 Family
Slide 15: SCBT Financial Corporation
SCBT Financial Corporation Third largest independent commercial bank headquartered in South Carolina Eighth largest commercial bank in South Carolina (1) Operates in 5 of the top 50 income and population growth MSA’s in the Southeastern United States (2) Mission: To be South Carolina’s premier commu
Slide 16: SCBT Financial Corporation At a Glance
SCBT Financial Corporation Closing Price as of August 29, 2007 $37.25 YTD June 30, 2007 Earnings Per Share $1.17 June 30, 2007 Book Value $18.47 Price / Earnings 15.9x Market Capitalization as of August 29, 2007 $342.8 MM Listed on the NASDAQ Global Select Market At a Glance
Slide 17: SCBT Financial Corporation Investor Contacts
SCBT Financial Corporation Robert R. Hill, Jr. Chief Executive Officer John C. Pollok Senior Executive Vice President and Chief Operating and Financial Officer Richard C. Mathis Executive Vice President and Chief Risk Officer SCBT Financial Corporation 520 Gervais Street Columbia, South Carolina 292