South Atlantic Bancshares, Inc. , parent of South Atlantic Bank (the “Bank”), today announced that the board of directors of SABK (the “Board”) has re-authorized a stock repurchase program pursuant to which the Company may, from time to time, purchase up to five percent of its outstanding shares of common stock. The shares may be repurchased from time to time in privately negotiated transactions or the open market, including pursuant to Rule 10b5-1 trading plans, and in accordance with applicable regulations of the SEC. The timing and exact amount of any repurchases will depend on various factors including, the performance of the Company’s stock price, general market and other conditions, applicable legal requirements and other factors. The stock repurchase program has an expiration date of March 31, 2022. The stock repurchase program may be terminated or amended by the Board at any time prior to the expiration date.
This press release shall not constitute an offer to sell or a solicitation of an offer to buy securities, nor shall there be any sale of any securities in any jurisdiction in which such an offer, solicitation or sale would be unlawful prior to any registration or qualification under the securities laws of such jurisdiction. Any offer of securities may be made solely by means of the written prospectus included in the registration statement and an accompanying prospectus supplement.
About South Atlantic Bancshares, Inc.
South Atlantic Bancshares, Inc. is a registered bank holding company based in Myrtle Beach, South Carolina with over $1 billion in total assets. The Company’s banking subsidiary, South Atlantic Bank, is a full-service financial institution spanning the entire coastal area of South Carolina, and is locally owned, controlled and operated. The Bank operates eleven offices in Myrtle Beach, Carolina Forest, North Myrtle Beach, Murrells Inlet, Pawleys Island, Georgetown, Mount Pleasant, Charleston, Bluffton and Hilton Head Island, South Carolina. The Bank specializes in providing personalized community banking services to individuals, small businesses and corporations. Services include a full range of consumer and commercial banking products, including mortgage, and treasury management, including South Atlantic Bank goMobile, the Bank’s mobile banking app. The Bank also offers internet banking, no-fee ATM access, checking, CD and money market accounts, merchant services, mortgage loans, remote deposit capture, and more. For more information, visit www.SouthAtlantic.bank.
Contacts: K. Wayne Wicker, Chairman & CEO, 843-839-4410
Dick Burch, EVP & CFO 843-839-4412