Hi CJW99, your first post didn't include spaces around SAINT. But, if it did (switching from "SAINT" to "bSAINTb", what would occur would be this:
First found: STbSTbSTbSTbSTbSTbSTbSTb
First replace: STbSAINTbSTbSTbSTbSTbSTbSTb
Now at this point the next search will only be searching the green portion (it doesn't start again from the beginning): STbSAINTbSTbSTbSTbSTbSTbSTb
In which case the next find will be: STbSAINTbSTbSTbSTbSTbSTbSTb
Continuing on with the above results in: STbSAINTbSTbSAINTbSTbSAINTbSTbSAINTb
...which, if I remember correctly, the result you observed.
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