South Atlantic Bancshares, Inc –

MYRTLE BEACH, South Carolina, May 23, 2022 /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 The directors of SABK (the “Board”) have re-authorized a share buyback program under which the Company may, from time to time, purchase up to 5% of its outstanding common shares. Shares may be repurchased from time to time in over-the-counter or open market transactions, including pursuant to Rule 10b5-1 trading plans, and in accordance with applicable SEC regulations. The exact timing and amount of any redemption will depend on a variety of factors, including the Company’s share price performance, general market and other conditions, applicable legal requirements and other factors. The share buyback program has an expiry date of May 172023. The share buyback program may be terminated or amended by the Board at any time prior to the expiration date.

This press release does not constitute an offer to sell or a solicitation of an offer to buy any securities, and there will be no sale of any securities in any jurisdiction in which such offer, solicitation or sale would be unlawful in the first place. registration or qualification. under the securities laws of that jurisdiction. Any offer 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, SC with over $1.2 billion in total assets. The Company’s banking subsidiary, South Atlantic Bank, is a full-service financial institution covering the entire coastal area of Caroline from the south, and is locally owned, controlled and operated. The Bank operates eleven offices in myrtle beach, carolina forest, North Myrtle Beach, Murrels Inlet, Pawleys Island, georgetown, mount pleasant, Charleston, Bluffton and Hilton Head Island, Caroline from the south. The Bank specializes in providing personalized community banking services to individuals, small businesses and corporations. Services include a full range of personal and business banking products, including mortgage and cash management, including South Atlantic Bank goMobile, the Bank’s mobile banking application. The Bank also offers internet banking, free access to ATMs, checks, CD and money market accounts, merchant services, mortgages, remote deposit capture, and more. For more information, visit

Caution 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, statements referring to a future period or statements preceded, followed by or containing the words “may”, “could”, “should”, “would”, “believe”, “anticipate”, “estimate “, “expects”, “intention”, “plan”, “project”, “outlook” or similar terms or expressions. These statements are subject to important risks and uncertainties which are subject to change according to various factors (many of which are beyond the Company’s control), which may cause the Company’s actual results, performance or achievements to differ materially from those anticipated. future statements expressed or implied by the forward-looking statements. The Company cannot guarantee that the results contemplated in the forward-looking statements will be achieved. The inclusion of this forward-looking information should not be construed as a statement by the Company or any person that future events, plans or expectations contemplated by the Company will occur and readers are cautioned not to place undue reliance forward-looking information. forward-looking statements contained in this press release. 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 statement to reflect circumstances or events that occur after the date on which the statements forecasts are made. , unless required by law.

The information contained in this document 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 year ended December 31, 2021as contained in the Company’s 2021 Annual Report available on the Company’s website.

FDIC member


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

Matt Hobert, Executive Vice President and Chief Financial Officer 843-839-4412

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SOURCE Bank of the South Atlantic

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