SCBT Financial Corp., the third-largest bank based in South Carolina, has acquired Savannah Bancorp Inc.

Under the terms of the merger, Savannah Bancorp shareholders will receive 0.2503 shares of SCBT common stock in exchange for each share they owned -- an aggregation of about 1,802,450 shares of SCBT common stock.

"We look forward to using our combined financial strength to help businesses and individuals in Savannah, Richmond Hill and coastal Georgia," said Robert R. Hill Jr., SCBT president.

Through the acquisition, SCBT has added 11 full-service banking locations in Savannah.