Subsequent Events

12 Months Ended

Dec. 31, 2013

Subsequent Events

Subsequent Events

Note 31—Subsequent Events

        On February 26, 2014, the Company received the no objection determination of the Federal Reserve Bank of Richmond to redeem all 65,000 shares of the Company's Fixed Rate Cumulative Perpetual Preferred Stock, Series A. The shares have a liquidation preference of $1,000 per share, with dividends currently accruing on such amount at 9% per annum. 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. The Company intends to redeem the preferred shares on March 28, 2014 in order to minimize the impact of the 9% dividend with respect to these shares.

        On February 17, 2014, the Company announced its plan to change the name of its wholly-owned bank subsidiary, SCBT, to "South State Bank". The Company also plans to change the name of the Company to "South State Corporation", which is subject approval by the Company's shareholders at the 2014 annual meeting of shareholders. The change to the new names for SCBT and for the Company is expected to occur between June 30, 2014 and July 21, 2014.