South Atlantic Bancshares, Inc. Names Jason Caskey to Board of Directors

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South Atlantic Bancshares (OTCQX: SABK) announced the appointment of Jason Caskey to its Board of Directors, effective January 20, 2026. Caskey will serve on the company's Audit Committee.

Caskey has been President and CEO of the University of South Carolina Foundations since 2018, is a certified public accountant, and spent 28 years providing audit and advisory services to financial institutions, including 12 years as Financial Services Practice Leader at Elliott Davis.

The company noted there are no agreements, family relationships, or related party transactions between Caskey and the company.

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MYRTLE BEACH, S.C., Jan. 26, 2026 /PRNewswire/ -- South Atlantic Bancshares, Inc. (OTCQX: SABK), parent of South Atlantic Bank, is pleased to announce the appointment of Jason Caskey to its Board of Directors effective January 20, 2026. Caskey will be appointed to the Company's Audit Committee.

Caskey has served as President and Chief Executive Officer of the University of South Carolina Foundations since 2018. He is the leader of the USC Educational Foundation and the USC Development Foundation, serving as CEO and ex-officio board member of both foundations. He is a certified public accountant and previously spent 28 years providing audit and advisory services to financial institutions across the Southeast. He served as Financial Services Practice Leader at Elliott Davis, LLC for 12 years before joining the Foundations.

Additionally, Caskey is Vice Chair of the Board of Directors, Chair of the Audit Committee, and a member of the Investment Committee of the SC Student Loan Corporation, as well as a member of the Board of Directors of the Midlands Business Leadership Group. Caskey has served in leadership roles with the United Way of the Midlands, Central Carolina Community Foundation, and Main Street District, among others.

"Jason brings extensive leadership experience in the financial and nonprofit sectors. His expertise in financial management and dedication to community development will be valuable assets. We look forward to benefiting from his perspective and guidance as we grow the Company," remarked K. Wayne Wicker, Chairman and CEO.

There are no agreements between Caskey and the Company, nor are there any family relationships or related party transactions between Caskey and the 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 $1.9 billion in total assets as of December 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: (i) the impact on us or our customers of a decline in general economic conditions, and any regulatory responses thereto; (ii) slower economic growth rates or potential recession in the United States and our market areas; (iii) uncertainty or perceived instability in the banking industry as a whole; (iv) increased competition for deposits among traditional and nontraditional financial services companies, and related changes in deposit customer behavior; (v) 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; (vi) the lingering inflationary pressures, and the risk of the resurgence of elevated levels of inflation, in the United States and our market areas; (vii) the uncertain impacts of ongoing quantitative tightening and current and future monetary policies of the Board of Governors of the Federal Reserve System; (viii) changes in unemployment rates in the United States and our market areas; (ix) adverse changes in customer spending, borrowing and savings habits; (x) declines in commercial real estate values and prices; (xi) a deterioration of the credit rating for the United States long-term sovereign debt or the impact of uncertain or changing political conditions, including federal government shutdowns and uncertainty regarding United States fiscal debt, deficit and budget matters; (xii) 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; (xiii) severe weather, natural disasters, acts of war or terrorism, geopolitical instability, domestic civil unrest or other external events, including as a result of in the policies of the current U.S. presidential administration or Congress; (xiv) the impact of tariffs, sanctions and other trade policies of the United States and its global trading counterparts and the resulting impact on the Company and its customers; (xv) competition and market expansion opportunities; (xvi) changes in non-interest expenditures or in the anticipated benefits of such expenditures; (xvii) the receipt of required regulatory approvals; (xviii) changes in tax laws; (xix) the risks related to the development, implementation, use and management of emerging technologies, including artificial intelligence and machine learnings; (xx) potential costs related to the impacts of climate change; (xxi) current or future litigation, regulatory examinations or other legal and/or regulatory actions; (xxii) changes in accounting principles and standards, including those related to loan loss recognition under the current expected credit loss, or CECL, methodology; and (xxiii) changes in applicable laws, regulations or policies in the United States, including those related to credit card interest rates . 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 applicable 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

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SOURCE South Atlantic Bank

FAQ

Who is Jason Caskey and what role will he have at South Atlantic Bancshares (SABK)?

Jason Caskey was named to the Board of Directors effective January 20, 2026 and will serve on the company's Audit Committee.

What is Jason Caskey's professional background mentioned in the SABK announcement?

Caskey is President and CEO of the University of South Carolina Foundations since 2018, a certified public accountant, and has 28 years of audit and advisory experience for financial institutions.

Does South Atlantic Bancshares disclose any agreements or related-party ties with Jason Caskey?

The company stated there are no agreements, family relationships, or related party transactions between Caskey and the company.

When did South Atlantic Bancshares announce the appointment of Jason Caskey to its board?

The appointment was announced on January 26, 2026, with an effective board date of January 20, 2026.

What committees and outside roles does Jason Caskey hold that relate to audit and finance?

Caskey serves as Vice Chair of the SC Student Loan Corporation board, Chair of its Audit Committee, is on its Investment Committee, and previously led Financial Services at Elliott Davis for 12 years.