First Financial Holdings, Inc. Announces Stock Repurchase Program

First Financial Holdings, Inc. Announces Stock Repurchase Program

Business Editors

CHARLESTON, S.C.–(BUSINESS WIRE)–Sept. 17, 2001

First Financial Holdings, Inc. (NASDAQ: FFCH) today announced that the Board of Directors has authorized the Company to commence a stock repurchase program to acquire up to approximately 600,000 shares of the Company’s common stock, which represents approximately 4.5% of the outstanding common stock.

The repurchase program is expected to end by March 31, 2002. The repurchases generally would be effected through broker-assisted open market purchases, although the possibility of unsolicited negotiated transactions or other types of repurchases are not ruled out. No shares will be repurchased directly from directors, officers or affiliates of the Company.

First Financial is the multiple thrift holding company of First Federal Savings and Loan Association of Charleston and Peoples Federal Savings and Loan Association in Conway. The Associations operate a total of 44 offices in the Charleston Metropolitan area, Horry, Georgetown, Beaufort and Florence Counties in South Carolina and Brunswick County in coastal North Carolina. The Company also provides brokerage, trust and insurance services through First Southeast Investor Services, Inc., First Southeast Fiduciary and Trust Services and First Southeast Insurance Services. For additional information about First Financial, please visit our web site at www.firstfinancialholdings.com.

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