First Financial buying deposits, loans from Liberty Savings Bank

First Financial Holdings is acquiring the deposits and select loans of five Liberty Savings Bank branches in the Hilton Head Island area, First Financial announced.

A First Financial subsidiary, First Federal Savings and Loan Association of Charleston, will acquire deposits of about $109.5 million and loans of about $27 million, according to a news release.

First Federal, which ranks 13th in market share in Beaufort County, will move to 7th as a result of the deal, which is expected to close at the end of the third quarter or early in the fourth.

First Federal will lease Liberty's Sea Pines location, assume the lease of its Sun City Hilton Head location and buy its Belfair location, CEO R. Wayne Hall said.

It's not yet clear what will happen to the other two Liberty locations, which Hall said are adjacent to First Federal locations.