First Financial Holdings, Inc. Announces Expansion of Its Hilton Head Franchise Through the Acquisition of Branches

First Financial Holdings, Inc. FFCH announced today that its wholly-owned subsidiary, First Federal Savings and Loan Association of Charleston, has signed a purchase and assumption agreement with Liberty Savings Bank, FSB ("Liberty") to acquire the deposits and select loans associated with Liberty's five bank branches located in Hilton Head, South Carolina. The deposits associated with these branches totaled approximately $109.5 million as of March 31, 2011. Additionally, as part of this transaction First Federal will purchase approximately $27 million in loans.