MYRTLE BEACH, S.C., March 13, 2018 /PRNewswire/ -- South Atlantic Bancshares, Inc. (OTCQX: SABK) ("South Atlantic"), parent of South Atlantic Bank, today announced it has received regulatory approvals from the Federal Deposit Insurance Corporation and the South Carolina Board of Financial Institutions necessary to complete the previously announced merger with Atlantic Bancshares, Inc. (OTCPink: ATBA) ("Atlantic Bancshares"), parent of Atlantic Community Bank, under which South Atlantic will acquire Atlantic Bancshares.
The transaction is expected to close April 2, 2018 and is subject to customary closing conditions. The shareholders of Atlantic Bancshares approved the merger on February 28, 2018.
South Atlantic Chairman and Chief Executive Officer K. Wayne Wicker said, "We are pleased to have received the required regulatory approvals for this acquisition. The South Atlantic and Atlantic Community Bank staffs are working together to ensure a smooth systems conversion scheduled for early June. We look forward to welcoming their employees and customers into the South Atlantic Bank family."
After the merger is completed, the combined company will operate under the South Atlantic Bank brand, have nine offices serving coastal South Carolina's most desirable markets, and have assets in excess of $600 million.
About South Atlantic Bank
South Atlantic Bank, the subsidiary bank of South Atlantic Bancshares, Inc. (OTCQX: SABK), is a $525 million financial institution that is locally owned, controlled, and operated. The bank is headquartered in Myrtle Beach, South Carolina, with additional offices in Murrells Inlet, Pawleys Island, Georgetown, North Myrtle Beach, Charleston, and Mount Pleasant, South Carolina. 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.
About Atlantic Community Bank
Atlantic Community Bank is the subsidiary bank of Atlantic Bancshares, Inc. (OTCPink: ATBA), founded in 2006 to meet the needs of business and consumers in the Beaufort County region of South Carolina. A $92 million financial institution, Atlantic Community Bank has its headquarters in Bluffton and an additional office on Hilton Head Island. The bank offers a wide variety of consumer and business products including banking technology. For more information, visit atlanticcommunitybank.com.
Cautionary Statement Regarding Forward-Looking Statements
Forward-looking statements in this press release, such as statements relating to future plans and expectations, are subject to risks, uncertainties, and other important factors, such as continued economic difficulties at local, national, or global levels, greater than expected noninterest expenses, regulatory changes, unpredictable natural or other disasters, or a deterioration in credit quality, which could cause actual results to differ materially from our expectations of future results, performance or achievements, or industry results, expressed or implied by such forward-looking statements. These statements are "forward looking statements" for purposes of applicable securities laws, and are based on current information and/or management's good faith belief as to future events. The words "believe," "expect," "anticipate," "project," "should," and similar expressions signify forward-looking statements. Forward-looking statements should not be read as a guarantee of future performance.
South Atlantic Bancshares, Inc. and Atlantic Bancshares, Inc. undertake no obligation to revise or update publicly any forward-looking statements for any reason.
SOURCE South Atlantic Bancshares, Inc.