First Financial Holdings Inc. said Wednesday its subsidiary, First Federal Savings and Loan Association of Charleston, S.C., has agreed to buy the deposits and some loans of Liberty Savings Bank's five branches in Hilton Head.
The deposits totaled about $109.5 million as of March 31 and acquired loans about $27 million.
The purchase of the branches increases the First Federal's presence in Hilton Head, where the bank already has three offices, First Federal CEO R. Wayne Hall said in a statement.
The company said two of the newly acquired Liberty branches and one of First Federal's existing offices in Hilton Head will be closed as part of a consolidation of bank branches.
As of March 31, 2011, the assumed deposits consisted of about 80 percent transaction and savings accounts with the balance in retail time deposits.