MYRTLE BEACH, S.C., Nov. 14, 2017 /PRNewswire/ -- The board of directors of South Atlantic Bancshares, Inc. (OTCQX: SABK) (the Company), parent of South Atlantic Bank (the Bank), declared a 10 percent stock dividend payable on November 28, 2017, to shareholders of record at the close of business on November 13, 2017. The stock dividend date also marks the Bank's tenth anniversary and was selected, in part, for this reason.
The stock dividend provides shareholders with one new share for every ten shares held, with fractional shares rounded up to the next whole share. It is the third dividend declared in the Company's history, with the first two, also 10 percent stock dividends, paid in December 2012 and December 2015, respectively. This latest dividend will increase the company's outstanding common shares of stock to approximately 6,417,777 shares, an increase of 583,071 shares.
In making the announcement, chairman of the board and chief executive officer K. Wayne Wicker said, "The dividend marks the significant progress our Company has made in its ten-year history. Our geographic footprint now spans 130 miles of South Carolina coastline from North Myrtle Beach to Charleston. Our seven full service locations and operations are staffed by experienced, local bankers. During periods of expansion, we improved our financial performance while further developing our presence in our new and existing markets."
The Company's common stock is listed on the OTCQX Marketplace. Investors can find current financial disclosures and Real-Time Level 2 quotes for South Atlantic Bancshares, Inc. by visiting www.otcmarkets.com and entering the symbol "SABK." FIG Partners, an employee-owned broker/dealer specializing in financial institutions, serves as the Company's corporate broker on OTCQX.
About South Atlantic Bank
South Atlantic Bank, the subsidiary bank of South Atlantic Bancshares, Inc. (OTCQX: SABK), is a $519.0 million financial institution that is locally owned, controlled, and operated. The Myrtle Beach-based bank operates five offices along the Grand Strand and recently opened a regional headquarters for the Charleston market in Mount Pleasant along with an office on East Bay Street.
South Atlantic Bank offers a wide variety of services for businesses and consumers, including South Atlantic Bank goMobile, its 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 SouthAtlantic.bank.
This press release does not constitute an offer to sell or a solicitation of an offer to buy any securities, nor shall there be any sale of securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
Cautionary Statement Regarding Forward-Looking Statements
This press release contains, among other things, certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, without limitation, (i) statements regarding certain of the Company's goals and expectations with respect to the private placement, and (ii) statements preceded by, followed by, or that include the words "may," "could," "should," "would," "believe," "anticipate," "estimate," "expect," "intend," "plan," "projects," "outlook" or similar expressions. These statements are based upon the current belief and 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). Although the Company believes that the assumptions underlying the forward-looking statements are reasonable, any of the assumptions could prove to be inaccurate. Therefore, 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. 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. 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.
SOURCE South Atlantic Bancshares, Inc.