You dont announce you are borrowing money, borrow it, then buy someone. That is the worst tactic in shopping possible. Try going to a car dealer and borrowing 20,000.... then shop.... and see what kinda car that gets you.
They borrowed this to get more liquid I am afraid.
I was once very bullish on SCBT, not so much now. Read my 3-4 posts since April, and then read the scary one today.
PBCE could be purchased cheap with its current market price well under book value. With one bank, Bank of Anderson, now under a formal agreement with the OCC and rated a 1 by BankRate.com (lowest CAMEL-style rating) and the other 2 banks being rated 2, the regulators would welcome a sale. However, the major issue is poor credit quality at all 3 banks. Current PBCE management does not have what it takes to turn the problems around. The PBCE board has had the opportunity to sell to SCB&T twice, and the board has not shown the courage to step up and address the problems, including management, so far. An acquisition could result in major cost savings, but the expensive new Greenville main office located in a bad part of the city (a/k/a monument to Ridgeway's ego) is an asset that SCB&T or any other buyer probably does not want.
"Buyout" was a mistake/typo, but the Orangeburg people are sitting tight on their shares. The newer shares are the "traded" shares. These are shares that aren't even in broker accounts, they are stock cert's in a box in the garage. The stock needs more volume to have a baseline price. There are times where people want to buy in but the cost is too high, and when it gets low everyone crowds in. The stock is prob worth 35-39 dollars but it has a hard time finding a baseline due to low volume. Adding some shares would actually increase value and would help make the price more stable, where it could trade off earnings and PE instead of cycle selling and buying from the chart creatures.