First Financial calls all $65 million series A fixed-rate preferreds

By Tali Rackner

Norfolk, Va., Feb. 26 - First Financial Holdings, Inc. plans to redeem all 65,000 shares, or $65 million, of its series A fixed-rate cumulative perpetual preferred stock, according to an 8-K filed with the Securities and Exchange Commission.

The preferreds will be redeemed at $1,000 per share plus dividends on March 28. The company received the no objection determination from the Federal Reserve Bank of Richmond on Wednesday, the filing said.

The shares were originally issued to the U.S. Treasury in December 2008, pursuant to the Troubled Asset Relief Program, and were sold by the Treasury to other investors in March 2012 through a registered public offering.

First Financial is a Columbia, S.C.-based bank.

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