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South Atlantic Bank Announces Stock Dividend

MYRTLE BEACH, S.C., Oct. 30, 2012 /PRNewswire/ -- The Board of Directors of South Atlantic Bancshares, Inc., parent of South Atlantic Bank, has declared a 10 percent stock dividend, payable on December 18, 2012 to shareholders of record on December 3, 2012. The stock dividend provides shareholders with ten new shares for every one hundred shares held, with fractional shares rounded up to the next whole share.

In making the announcement, chairman of the board and chief executive officer K. Wayne Wicker stated, "With the bank soon to celebrate its fifth anniversary, our board of directors felt the timing was appropriate to grant our shareholders a stock dividend. We appreciate our shareholders' loyalty to and pride in our growing bank," he said.

The stock dividend will increase the Company's outstanding common shares of stock to approximately 3,026,312, an addition of 275,120 shares. This is the first stock dividend for South Atlantic Bank, which opened in November 2007. 

About South Atlantic BankSouth Atlantic Bank is a $284 million financial institution that is locally owned, controlled, and operated. The bank is headquartered in Myrtle Beach, South Carolina, and has offices in Murrells Inlet and Pawleys Island. South Atlantic offers a wide variety of services for businesses and consumers, including internet banking, no-fee ATM access, checking, CD, and money market accounts, mortgage loans, merchant services, remote deposit capture, and more. Its experienced team of bankers knows the Grand Strand market and is skilled in meeting the special needs of our coastal community.

South Atlantic Bank has been designated a 5-Star bank by independent bank rating firm BauerFinancial, Inc., has been named a "Roaring Twenties" winner by SCBiz News, and received a Community Service Award from the Myrtle Beach Area Chamber of Commerce at its annual meeting.

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