On April 10, 2009, First Federal Savings and Loan Association of Charleston, Charleston, South Carolina ("First Federal"), the wholly owned subsidiary of First Financial Holdings, Inc., announced that it had entered into a definitive agreement (the "Agreement") with the FDIC, pursuant to which First Federal assumed all deposits (excluding brokered deposits) at a 1% premium, and certain assets of Cape Fear Bank, a commercial bank headquartered in Wilmington, North Carolina at a discount of $74 million. A copy of the press release is attached hereto as Exhibit 99.1 and incorporated by reference herein. The Agreement also provides that the acquired loans and other real estate owned will be covered by a loss share arrangement between the FDIC and First Federal.

The foregoing summary of the Agreement is not complete and is qualified in its entirety by reference to the full text of the Agreement, a copy of which is attached hereto as Exhibit 2.1 and incorporated by reference herein.

The information set forth under Item 1.01 "Entry into a Material Definitive Agreement" is incorporated by reference into this Item 2.01.

(a) Financial Statements of Businesses Acquired

To the extent that consolidated financial statements are required by this Item, they will be filed in an amendment to this report no later than June 26, 2009.

(b) Pro Forma Financial Information

To the extent that pro forma financial information is required by this Item, it will be filed in an amendment to this report no later than June 26, 2009.

(d) Exhibits

The following exhibits are filed herewith:

Exhibit   No. Description of Exhibit

 2.1      Purchase and Assumption Agreement dated April 10, 2009

 99.1     Press release dated April 10, 2009