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South Atlantic Bancshares, Inc. announces authorization of a stock repurchase program

Copyright 2024 PR Newswire. All rights reserved
2024-05-20

MYRTLE BEACH, SC, May 20, 2024 /PRNewswire/ — South Atlantic Bancshares, Inc. (“South Atlantic” or the “Company”) (OTCQX: SABK), parent company of South Atlantic Bank (the “Bank”), today announced that the board of directors of the Company (the “Board”) has approved a share repurchase program for a maximum of 380,341 outstanding common shares of the Company, equal to approximately $4.4 million as of the date of this press release.

Logo of the South Atlantic Bank (PRNewsfoto/South Atlantic Bank)

Under the terms of the authorized share repurchase program, the Company may from time to time repurchase shares of its common stock through private transactions or through open market purchases. Any open market redemptions will be conducted in accordance with the restrictions set forth in the Rule 10b-18 promulgated under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and other applicable legal requirements. Redemptions under the authorized share repurchase program may also be made pursuant to a trading plan under Rule 10b5-1 of the Exchange Act, which would allow shares to be repurchased by the Company when the Company could otherwise be prevented from doing so excluded because of their own interests. imposed trading blackout periods or other legal restrictions. The timing and exact amount of any redemptions by the Company will depend on various factors, including the performance of the Company’s stock price, general market and economic conditions, applicable legal and regulatory requirements, availability of funds and other relevant factors, as determined by the Board. The authorized share repurchase program will take place over the next twelve months and has an expiration date of April 23, 2025. The authorized share repurchase program may be terminated or modified by the Board of Directors at its sole discretion at any time prior to the expiration date, without prior notice.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to any registration or qualification. under the securities laws of such jurisdiction. Any offering of securities may be made only 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. (OTCQX: SABK) is a registered bank holding company based in Myrtle Beach, South Carolina with about $1.7 billion in total assets from March 31, 2024. The company’s banking subsidiary, South Atlantic Bank, is a full-service financial institution covering the entire coastal region South Carolina, and is locally owned, controlled and operated. The Bank operates twelve locations in Myrtle beach, Carolina Forest, North Myrtle Beach, Murrells Inlet, Pawleys Island, Georgetown, Mount Pleasant, Charleston, Bluffton, Hilton Head Island And Beaufort, 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, free ATM access, checking, certificates of deposit and money market accounts, trading services, mortgage lending, remote deposit capture and more. For more information, visit www.SouthAtlantic.bank.

Cautionary Statement Regarding Forward-Looking Statements

This press release contains, among other things, certain statements about future events that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements referring to a future period or statements preceded by: followed by, or containing the words ‘may’, ‘could’, ‘should’, ‘would’, ‘believe’, ‘anticipate’, ‘estimate’, ‘expect’, ‘intend’, ‘plan’, ‘project ‘ ,” “outlook” or similar terms or expressions. These statements are based on the current beliefs and good faith expectations of the Company’s management team and are subject to significant risks and uncertainties that are subject to change based on various factors ( many of which are beyond the Company’s control). These risks, uncertainties and other factors may cause the Company’s actual results, performance or achievements to be materially different from any anticipated future results, performance or achievements expressed or implied. by, the forward-looking statements. Factors that could cause such differences include, but are not limited to: the impact on us or our customers of a deterioration in general economic conditions, and any regulatory responses thereto; possible recession the United States and our market areas; the impact related to or arising from bank failures and any continuation of uncertainty in the banking sector, including the related impact on the Company and other financial institutions of any regulatory changes or other mitigation efforts undertaken by government agencies in response thereon; increased competition for deposits and related changes in deposit customer behavior; the impact of changes in market interest rates, whether as a result of continued high interest rates or potential interest rate cuts and a resulting decrease in net interest income; the continuation of current inflationary pressures, or the resurgence of high levels of inflation, in our market areas and the United States; the uncertain consequences of continued quantitative tightening and the current and future monetary policies of the Board of Governors of the Federal Reserve System; the consequences of the fall in house prices the United States and our market areas; increase in unemployment the United States and our market areas; declines in commercial real estate values ​​and prices; uncertainty about United States fiscal debts and budgetary matters; cyber incidents or other failures, disruptions or breaches of our operational or security systems or infrastructure, or those of our third party suppliers or other service providers, including as a result of cyber-attacks; severe weather, natural disasters, acts of war or terrorism, geopolitical instability or other external events; regulatory considerations; opportunities for competition and market expansion; changes in non-interest expenses or in the expected benefits of such expenses; the receipt of required regulatory approvals; changes in tax laws; the risks associated with the development, implementation, use and management of emerging technologies, including artificial intelligence and machine learning; potential increased regulatory requirements and costs associated with the transition and physical impacts of climate change; and current or future lawsuits, regulatory investigations or other legal and/or regulatory actions. These forward-looking statements are based on current information and/or management’s good faith beliefs regarding future events. Although the Company believes that the assumptions underlying the forward-looking statements are reasonable, any of these assumptions could prove inaccurate. Therefore, the Company can give no assurance that the results described in the forward-looking statements will be achieved. Because of these and other potential uncertainties and risks, readers are cautioned not to place undue reliance on the forward-looking statements contained in this press release. The inclusion of this forward-looking information should not be construed as a representation by the Company or any person that any future events, plans or expectations contemplated by the Company will be achieved. All subsequent written and oral forward-looking statements attributable to the Company or any person acting on its behalf are expressly qualified in their entirety by the cautionary statements above. All forward-looking statements contained in this press release are made as of the date hereof, and the Company undertakes no obligation to update any forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made. , except as required by law. All forward-looking statements, express or implied, contained in the press release are qualified in their entirety by this cautionary statement.

Information contained herein, other than information from December 31, 2023, has not been checked. All financial data must be read in conjunction with the notes to the consolidated annual accounts of the Company and the Bank as of and for the closed financial year. December 31, 2023as included in the Company’s 2023 Annual Report, which is located on the Company’s website.


Available information

The Company maintains an Internet website at www.soutthatlantic.bank/about-us/investor-relations. The Company makes available free of charge on its website the materials for the Company’s annual meetings, annual reports, quarterly earnings reports and other press releases. In addition, OTC Markets Group maintains a website containing reports, proxy and information statements and other information about the company (at www.otcmarkets.com/stock/SABK/overview).

The Company regularly posts important information for investors on its website (at www.soutthatlantic.bank and, more specifically, under the Investor Relations tab at www.soutthatlantic.bank/about-us/investor-relations). The Company intends to use its website as a means to disclose material non-public information and to comply with its disclosure obligations under the OTC Markets Group OTCQX Rules for U.S. Banks. Accordingly, investors should monitor the Company’s website in addition to following the Company’s press releases, OTC filings, public conference calls, presentations and webcasts.

The information contained in, or accessible through, the Company’s website is not incorporated by reference into, and does not form a part of, this press release.

Member FDIC

Contacts:

K. Wayne Wicker, Chairman and CEO, 843-839-4410

Matt Hobert, EVP and CFO 843-839-4412

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SOURCE South Atlantic Bank