South Atlantic Bancshares, Inc. Declares Cash Dividend

Rhea-AI Summary

South Atlantic Bancshares (OTCQX: SABK) has announced a cash dividend of $0.10 per share on its common stock. The dividend will be paid on February 28, 2025, to shareholders of record as of February 14, 2025.

This marks the company's third consecutive annual cash dividend since initiating dividend payments in Q1 2023. Chairman and CEO K. Wayne Wicker noted that despite facing headwinds in the first half of 2024, the company finished the year strong and is entering 2025 with solid momentum.

Positive

• Third consecutive annual dividend payment, showing consistent shareholder returns
• Company reports strong performance in latter half of 2024
• Positive momentum entering 2025

Negative

• Experienced headwinds in first half of 2024

MYRTLE BEACH, S.C., Feb. 7, 2025 /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, 2025 to shareholders of record as of the close of business on February 14, 2025. 

Commenting on the dividend, K. Wayne Wicker, the Company's Chairman and Chief Executive Officer, remarked, "Despite headwinds in the first half on 2024, we closed the year strong and move into 2025 with solid momentum. We are excited to announce our third consecutive annual cash dividend since 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 with approximately $1.8 billion in total assets as of December 31, 2024. 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.

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 dividend amount for SABK's latest announcement?

South Atlantic Bancshares (SABK) has declared a cash dividend of $0.10 per share.

When is the payment date for SABK's latest dividend?

The dividend will be paid on February 28, 2025, to shareholders of record as of February 14, 2025.

How many consecutive annual dividends has SABK paid?

This is SABK's third consecutive annual cash dividend since their inaugural dividend payment in Q1 2023.

What was SABK's business performance in 2024?

SABK faced headwinds in the first half of 2024 but closed the year strong, entering 2025 with solid momentum.

When did SABK start paying dividends?

South Atlantic Bancshares initiated its first cash dividend payment in the first quarter of 2023.