South Atlantic Bancshares, Inc. Declares Cash Dividend

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South Atlantic Bancshares, Inc. (SABK) has declared a cash dividend of $0.10 per share on its common stock, payable on February 28, 2024. The Company's Chairman and CEO, K. Wayne Wicker, expressed satisfaction with the Company's performance in 2023, despite the challenging banking industry environment. This marks the second consecutive cash dividend following the inaugural cash dividend payment in the first quarter of 2023.

MYRTLE BEACH, S.C., Feb. 5, 2024 /PRNewswire/ -- South Atlantic Bancshares, Inc. ("South Atlantic" or the "Company") (OTCQX: SABK), the parent of South Atlantic Bank (the "Bank"), announced that its Board of Directors has declared a cash dividend of $0.10 per share on its common stock. The dividend will be payable on February 28, 2024 to shareholders of record as of the close of business on February 14, 2024. 

Commenting on the dividend, K. Wayne Wicker, the Company's Chairman and Chief Executive Officer, remarked, "2023 was a challenging year for the banking industry. Despite the difficult operating environment, I am pleased with our Company's performance for the year. We are excited to announce our second consecutive cash dividend following our inaugural cash dividend payment in the first quarter of 2023. We sincerely thank all our shareholders for their continued support in the success of our Company."

About South Atlantic Bancshares, Inc.

South Atlantic Bancshares, Inc. (OTCQX: SABK) is a registered bank holding company based in Myrtle Beach, South Carolina. 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 twelve offices 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, no-fee ATM access, checking, certificates of deposit and money market accounts, merchant services, mortgage loans, remote deposit capture, and more. For more information, visit www.SouthAtlantic.bank.

Available Information

The Company maintains an Internet website at www.southatlantic.bank/about-us/investor-relations. The Company makes available, free of charge, on its web site the Company's annual meeting materials, annual reports, and quarterly earnings reports. In addition, the OTC Markets Group maintains an Internet site that contains reports, proxy and information statements, and other information regarding the Company (at www.otcmarkets.com/stock/SABK/overview).

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

The information contained on, or that may be accessed through, the Company's web site is not incorporated by reference into, and is not a part of, this press release.

Contacts:	K. Wayne Wicker, Chairman & CEO, 843-839-4410
	Matthew Hobert, EVP & CFO, 843-839-4945

Member FDIC

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SOURCE South Atlantic Bank

FAQ

What is the cash dividend per share declared by South Atlantic Bancshares, Inc. (SABK)?

South Atlantic Bancshares, Inc. (SABK) has declared a cash dividend of $0.10 per share on its common stock.

When will the cash dividend be payable to shareholders of South Atlantic Bancshares, Inc. (SABK)?

The cash dividend will be payable on February 28, 2024 to shareholders of record as of the close of business on February 14, 2024.

Who is the Chairman and CEO of South Atlantic Bancshares, Inc. (SABK)?

K. Wayne Wicker is the Chairman and CEO of South Atlantic Bancshares, Inc. (SABK).

How did the Chairman and CEO of South Atlantic Bancshares, Inc. (SABK) describe the Company's performance in 2023?

K. Wayne Wicker expressed satisfaction with the Company's performance in 2023, despite the challenging banking industry environment.

How many consecutive cash dividends has South Atlantic Bancshares, Inc. (SABK) announced?

This marks the second consecutive cash dividend following the inaugural cash dividend payment in the first quarter of 2023.