First Financial offer priced at $15.50 per share

First Financial Holdings offering priced at $15.50 each, 5 pct discount to Wednesday's close

• On 3:48 pm EDT, Thursday September 24, 2009

CHARLESTON, S.C. (AP) -- First Financial Holdings Inc. said Thursday an offering of nearly 4.2 million common shares was priced at $15.50 each, a 5 percent discount to the stock's Wednesday closing price of $16.30.

The holding company for First Federal Savings and Loan Association of Charleston said it expects the offering of 4,193,550 shares to raise about $60.6 million in net proceeds.

First Financial plans to use the money for general corporate purposes, which could include the repayment of government bailout funds it received last year as part of the Treasury Department's $700 billion financial rescue program.

First Financial received $65 million as part of the government's Troubled Asset Relief Program, which was launched last fall at the peak of the credit crisis in an effort to restart stagnant credit markets.

Underwriters of the offering will have a 30-day option to buy up to an additional 15 percent of the shares. Sandler O'Neill Partners LP is the sole book-running manager of the offering, which is planned to close on or about Sept. 29.

First Financial shares fell 56 cents, or 3.4 percent, to $15.74 in afternoon trading.