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Banker and insurance broker First Financial Holdings Inc. of Charleston, S.C., said Thursday its subsidiary First Southeast Insurance Services Inc. bought The Somers-Pardue Agency Inc. for $18.8 million

Under the deal’s terms, the total price will also include some possible performance incentives over the next three years.

Somers-Pardue, an independent insurance agency based in Burlington, N.C., will retain its name and current management and staff, First Financial said.

First Financial is the holding company of First Federal Savings and Loan Association of Charleston.

Source: First Financial Holdings Inc.

Topics Mergers & Acquisitions South Carolina