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

Rhea-AI Summary

South Atlantic Bancshares (OTCQX: SABK) has announced a new stock repurchase program authorizing the buyback of up to 378,613 shares of its common stock. The program will run for 12 months until June 11, 2026, with repurchases conducted through open market purchases and private transactions. The company will execute the buybacks in accordance with Rule 10b-18 and may implement a Rule 10b5-1 trading plan. The timing, manner, and amount of repurchases will be influenced by factors including stock price performance, market conditions, legal requirements, and fund availability. The program includes flexibility for the company to begin, suspend, or terminate repurchases at its discretion, with no obligation to repurchase any specific number of shares.

Positive

• Authorization to repurchase up to 378,613 shares demonstrates confidence in company's financial position
• Flexible 12-month timeframe allows strategic timing of purchases based on market conditions
• Implementation of Rule 10b5-1 trading plan enables continued repurchases during blackout periods

Negative

• No guarantee on the exact number or value of shares to be repurchased
• Program may be suspended or terminated at any time
• Repurchases will require use of company's cash reserves

MYRTLE BEACH, S.C., June 11, 2025 /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 the Company has authorized a new stock repurchase program for up to 378,613 of the outstanding shares of the Company's common stock (the "Stock Repurchase Program"). 

Under the Stock Repurchase Program, the Company may repurchase shares of common stock from time to time through various means, including open market purchases and privately negotiated transactions. Open market repurchases will be conducted in accordance with the limitations set forth in Rule 10b-18 promulgated under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and other applicable legal requirements. Repurchases under the Stock Repurchase Program may also be made pursuant to a trading plan under Rule 10b5-1 under the Exchange Act, which would permit shares to be repurchased by the Company when the Company might otherwise be precluded from doing so because of self-imposed trading blackout periods or other regulatory restrictions. The extent to which the Company repurchases its shares, and the manner, timing and amount of such repurchases, will depend on various factors, including the performance of the Company's stock price, general market and economic conditions, applicable legal and regulatory requirements, availability of funds and other relevant considerations, as determined by the Company. The Stock Repurchase Program will occur over the next twelve months and has an expiration date of June 11, 2026. The Company may, in its discretion, begin, suspend or terminate repurchases at any time prior to the Stock Repurchase Program's expiration, without prior notice. The Stock Repurchase Program does not obligate the Company to repurchase any particular number or amount of shares of the Company's common stock and there is no guarantee as to the exact number or value of shares that will be repurchased by the Company under the Stock Repurchase Program.

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 approximately $1.9 billion in total assets as of March 31, 2025. 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 locations in Myrtle Beach, Carolina Forest, North Myrtle Beach, Murrells Inlet, Pawleys Island, Georgetown, Mount Pleasant, Charleston, Bluffton, Hilton Head Island, Summerville 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.

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 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 based upon the current beliefs and good faith 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). These risks, uncertainties and other factors 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. Factors that could cause such differences include, but are not limited to: the impact on us or our customers of a decline in general economic conditions, and any regulatory responses thereto; potential recession in the United States and our market areas; the impacts related to or resulting from uncertainty in the banking industry as a whole; increased competition for deposits and related changes in deposit customer behavior; the impact of changes in market interest rates, whether due to a continuation of the elevated interest rate environment or further reductions in interest rates and a resulting decline in net interest income; the lingering inflationary pressures, and the risk of the resurgence of elevated levels of inflation in the U.S. and our market areas; the uncertain impacts of ongoing quantitative tightening and current and future monetary policies of the Board of Governors of the Federal Reserve System; increases in unemployment rates in the United States and our market areas; adverse changes in customer spending and savings habits; declines in commercial real estate values and prices; a deterioration of the credit rating for U.S. long-term sovereign debt or uncertainty regarding U.S. fiscal debt, deficit and budget matters; cyber incidents or other failures, disruptions or breaches of our operational or security systems or infrastructure, or those of our third-party vendors or other service providers, including as a result of cyber-attacks; severe weather, natural disasters, acts of war or terrorism, geopolitical instability or other external events, including as a result of changes in U.S. presidential administrations or Congress; the impacts of tariffs, sanctions and other trade policies of the U.S. and its global trading counterparts and the resulting impact on the Company and its customers; competition and market expansion opportunities; changes in non-interest expenditures or in the anticipated benefits of such expenditures; changes in tax laws; the risks related to the development, implementation, use and management of emerging technologies, including artificial intelligence and machine learnings; potential costs related to the impacts of climate change; and current or future litigation, regulatory examinations or other legal and/or regulatory actions. These forward-looking statements are based on current information and/or management's good faith belief as to future events. 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. Due to these and other possible uncertainties and risks, readers are cautioned not to place undue reliance on the forward-looking statements contained in this press release. 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. 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. All forward-looking statements, express or implied, included in the press release are qualified in their entirety by this cautionary statement.

Information contained herein, other than information as of December 31, 2024, 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, 2024, as contained in the Company's 2024 Annual Report located on the Company's website.

Available Information

The Company maintains an Internet web site 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, quarterly earnings reports, and other press releases. 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 web site (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.

Member FDIC

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

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SOURCE South Atlantic Bank

FAQ

How many shares is South Atlantic Bancshares (SABK) authorized to repurchase in its new program?

South Atlantic Bancshares is authorized to repurchase up to 378,613 shares of its common stock under the new program.

When does SABK's stock repurchase program expire?

The stock repurchase program expires on June 11, 2026, running for a 12-month period from its announcement.

How will South Atlantic Bancshares conduct its share repurchases?

The company will conduct repurchases through open market purchases and privately negotiated transactions, in compliance with Rule 10b-18 and potentially under a Rule 10b5-1 trading plan.

Is SABK obligated to repurchase all authorized shares under the program?

No, the program does not obligate the company to repurchase any particular number or amount of shares, and can be suspended or terminated at any time.

What factors will determine SABK's share repurchases under this program?

Repurchases will be determined by factors including stock price performance, market conditions, legal requirements, fund availability, and other relevant considerations.