South Atlantic Bancshares, Inc. Announces Authorization of a Stock Repurchase Program

Rhea-AI Summary

South Atlantic Bancshares (OTCQX: SABK) announced the re-authorization of a stock repurchase program allowing for the purchase of up to 5% of its outstanding shares. This initiative aims to enhance shareholder value and will be executed through privately negotiated transactions or on the open market, subject to market conditions and regulatory compliance. The program is set to expire on March 31, 2022, but can be amended or terminated by the Board at any time.

The company operates with over $1 billion in total assets across South Carolina, emphasizing community banking services.

Positive

• Stock buyback program re-authorized to support shareholder value.
• Company holds over $1 billion in total assets, indicating financial stability.

Negative

• The stock buyback program may not significantly impact share price due to market conditions.
• Stock repurchase program expiration on March 31, 2022, creates uncertainty.

MYRTLE BEACH, S.C., May 11, 2021 /PRNewswire/ -- South Atlantic Bancshares, Inc. ("South Atlantic" or the "Company") (OTCQX: SABK), 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. (OTCQX: SABK) 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. 

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, without limitation, statements regarding the effects of the ongoing COVID-19 pandemic, statements with references to a future period or statements preceded by, followed by, or that include the words "may," "could," "should," "would," "believe," "anticipate," "estimate," "expect," "intend," "plan," "project," "outlook" or similar terms or expressions. These statements 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), which may cause the actual results, performance, and achievements of the Company to be materially different from the anticipated future results, performance or achievements expressed in, or implied by, the forward-looking statements. The Company can give no assurance that the results contemplated in the forward-looking statements will be realized. The inclusion of this forward-looking information should not be construed as a representation by the Company or any person that the future events, plans, or expectations contemplated by the Company will be achieved and readers are cautioned not to place undue reliance on the forward-looking statements contained in this press release. Any forward-looking statements contained in this press release are made as of the date hereof, and the Company does not undertake any obligation to update any forward-looking statement to reflect circumstances or events that occur after the date the forward-looking statements are made, except as required by law.

Information contained herein is unaudited. All financial data should be read in conjunction with the notes to the consolidated financial statements of the Company and the Bank as of and for the fiscal year ended December 31, 2020, as contained in the Company's 2020 Annual Report located on the Company's website.

Member FDIC

Contacts:  K. Wayne Wicker, Chairman & CEO, 843-839-4410
Dick Burch, EVP & CFO 843-839-4412

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SOURCE South Atlantic Bank

FAQ

What is the stock repurchase program announced by South Atlantic Bancshares (SABK)?

The stock repurchase program allows SABK to buy back up to 5% of its outstanding shares to enhance shareholder value.

When does the stock repurchase program for SABK expire?

The stock repurchase program expires on March 31, 2022.

How will South Atlantic Bancshares execute the stock buyback?

The buyback will be executed through privately negotiated transactions or open market purchases in accordance with SEC regulations.

Why is SABK implementing a stock repurchase program?

The program aims to support and enhance shareholder value amidst market conditions.

What factors will influence the timing of SABK's stock repurchases?

Repurchase timing will depend on stock performance, market conditions, and legal requirements.