{"id":387181,"date":"2020-11-23T16:25:05","date_gmt":"2020-11-23T21:25:05","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=387181"},"modified":"2020-11-23T16:25:05","modified_gmt":"2020-11-23T21:25:05","slug":"south-atlantic-bancshares-inc-announces-authorization-of-a-stock-repurchase-program","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/south-atlantic-bancshares-inc-announces-authorization-of-a-stock-repurchase-program\/","title":{"rendered":"South Atlantic Bancshares, Inc. Announces Authorization of a Stock Repurchase Program"},"content":{"rendered":"<div class=\"xn-newslines\">\n<p class=\"xn-distributor\">PR Newswire<\/p>\n<\/p><\/div>\n<div class=\"xn-content\">\n<p>\n        <span class=\"xn-location\">MYRTLE BEACH, S.C.<\/span>, <span class=\"xn-chron\">Nov. 23, 2020<\/span> \/PRNewswire\/ &#8212;\u00a0South Atlantic Bancshares, Inc. (&#8220;South Atlantic&#8221; or the &#8220;Company&#8221;) (OTCQX: SABK), parent of South Atlantic Bank (the &#8220;Bank&#8221;), today announced that the board of directors of SABK (the &#8220;Board&#8221;) has authorized a stock repurchase program pursuant to which the Company may, from time to time, purchase up to five percent of its outstanding shares of common stock.\u00a0 The shares may be repurchased from time to time in privately negotiated transactions or the open market, including pursuant to Rule 10b5-1 trading plans, and in accordance with applicable regulations of the SEC.\u00a0 The timing and exact amount of any repurchases will depend on various factors including, the performance of the Company&#8217;s stock price, general market and other conditions, applicable legal requirements and other factors.\u00a0 The stock repurchase program has an expiration date of <span class=\"xn-chron\">March 17<\/span>, 2021.\u00a0 The stock repurchase program may be terminated or amended by the Board at any time prior to the expiration date.<\/p>\n<p>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.\u00a0 Any offer of securities may be made solely by means of the written prospectus included in the registration statement and an accompanying prospectus supplement.\u00a0 <\/p>\n<p>\n        <b>About South Atlantic Bancshares, Inc.<\/b>\n      <\/p>\n<p>South Atlantic Bancshares, Inc. (OTCQX: SABK) is a registered bank holding company based in <span class=\"xn-location\">Myrtle Beach, South Carolina<\/span> with <span class=\"xn-money\">$937 million<\/span> in total assets.\u00a0 The Company&#8217;s banking subsidiary, South Atlantic Bank, is a full-service financial institution spanning the entire coastal area of <span class=\"xn-location\">South Carolina<\/span>, and is locally owned, controlled and operated.\u00a0 The Bank operates ten offices in <span class=\"xn-location\">Myrtle Beach<\/span>, <span class=\"xn-person\">Carolina Forest<\/span>, <span class=\"xn-location\">North Myrtle Beach<\/span>, <span class=\"xn-location\">Murrells Inlet<\/span>, <span class=\"xn-location\">Pawleys Island<\/span>, <span class=\"xn-location\">Georgetown<\/span>, <span class=\"xn-location\">Mount Pleasant<\/span>, <span class=\"xn-location\">Charleston<\/span>, <span class=\"xn-location\">Bluffton<\/span> and <span class=\"xn-location\">Hilton Head Island<\/span>, South Carolina.\u00a0 The Bank specializes in providing personalized community banking services to individuals, small businesses and corporations.\u00a0 Services include a full range of consumer and commercial banking products, including mortgage, and treasury management, including South Atlantic Bank <i>goMobile<\/i>, the Bank&#8217;s mobile banking app.\u00a0 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.\u00a0 For more information, visit <a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=2991312-1&amp;h=2699148540&amp;u=http%3A%2F%2Fwww.southatlantic.bank%2F&amp;a=www.SouthAtlantic.bank\" rel=\"nofollow noopener noreferrer\">www.SouthAtlantic.bank<\/a>.\u00a0<\/p>\n<p>\n        <b>Cautionary Statement Regarding Forward-Looking Statements <\/b>\n      <\/p>\n<p>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 regarding the effects of the ongoing COVID-19 pandemic, statements with references to a future period or statements preceded by, followed by, or that include the words &#8220;may,&#8221; &#8220;could,&#8221; &#8220;should,&#8221; &#8220;would,&#8221; &#8220;believe,&#8221; &#8220;anticipate,&#8221; &#8220;estimate,&#8221; &#8220;expect,&#8221; &#8220;intend,&#8221; &#8220;plan,&#8221; &#8220;project,&#8221; &#8220;outlook&#8221; or similar terms or expressions.\u00a0 These statements are based upon the current beliefs and expectations of the Company&#8217;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&#8217;s control).\u00a0 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.\u00a0 Although the Company believes that the assumptions underlying the forward-looking statements are reasonable, any of the assumptions could prove to be inaccurate.\u00a0 Therefore, the Company can give no assurance that the results contemplated in the forward-looking statements will be realized.\u00a0 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 and readers are cautioned not to place undue reliance on the forward-looking statements contained in this press release.\u00a0 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.\u00a0 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. <\/p>\n<p>Information contained herein is unaudited.\u00a0 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 <span class=\"xn-chron\">December 31, 2019<\/span>, as contained in the Company&#8217;s 2019 Annual Report located on the Company&#8217;s website. <\/p>\n<p>Member FDIC<\/p>\n<p>\u00a0<\/p>\n<p id=\"PURL\">\n        <img loading=\"lazy\" decoding=\"async\" title=\"Cision\" width=\"12\" height=\"12\" alt=\"Cision\" src=\"https:\/\/c212.net\/c\/img\/favicon.png?sn=CG01524&amp;sd=2020-11-23\" \/> View original content:<a id=\"PRNURL\" rel=\"nofollow\" href=\"http:\/\/www.prnewswire.com\/news-releases\/south-atlantic-bancshares-inc-announces-authorization-of-a-stock-repurchase-program-301179235.html\">http:\/\/www.prnewswire.com\/news-releases\/south-atlantic-bancshares-inc-announces-authorization-of-a-stock-repurchase-program-301179235.html<\/a><\/p>\n<p>SOURCE  South Atlantic Bancshares, Inc.<\/p>\n<\/p><\/div>\n<p>    <img decoding=\"async\" alt=\"\" src=\"https:\/\/rt.prnewswire.com\/rt.gif?NewsItemId=CG01524&amp;Transmission_Id=202011231621PR_NEWS_USPR_____CG01524&amp;DateId=20201123\" style=\"border:0px;width:1px;height:1px\" \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>PR Newswire MYRTLE BEACH, S.C., Nov. 23, 2020 \/PRNewswire\/ &#8212;\u00a0South Atlantic Bancshares, Inc. (&#8220;South Atlantic&#8221; or the &#8220;Company&#8221;) (OTCQX: SABK), parent of South Atlantic Bank (the &#8220;Bank&#8221;), today announced that the board of directors of SABK (the &#8220;Board&#8221;) has authorized a stock repurchase program pursuant to which the Company may, from time to time, purchase up to five percent of its outstanding shares of common stock.\u00a0 The shares may be repurchased from time to time in privately negotiated transactions or the open market, including pursuant to Rule 10b5-1 trading plans, and in accordance with applicable regulations of the SEC.\u00a0 The timing and exact amount of any repurchases will depend on various factors including, the performance of the Company&#8217;s stock price, &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/south-atlantic-bancshares-inc-announces-authorization-of-a-stock-repurchase-program\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;South Atlantic Bancshares, Inc. Announces Authorization of a Stock Repurchase Program&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-387181","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>South Atlantic Bancshares, Inc. Announces Authorization of a Stock Repurchase Program - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/south-atlantic-bancshares-inc-announces-authorization-of-a-stock-repurchase-program\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"South Atlantic Bancshares, Inc. Announces Authorization of a Stock Repurchase Program - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"PR Newswire MYRTLE BEACH, S.C., Nov. 23, 2020 \/PRNewswire\/ &#8212;\u00a0South Atlantic Bancshares, Inc. (&#8220;South Atlantic&#8221; or the &#8220;Company&#8221;) (OTCQX: SABK), parent of South Atlantic Bank (the &#8220;Bank&#8221;), today announced that the board of directors of SABK (the &#8220;Board&#8221;) has authorized a stock repurchase program pursuant to which the Company may, from time to time, purchase up to five percent of its outstanding shares of common stock.\u00a0 The shares may be repurchased from time to time in privately negotiated transactions or the open market, including pursuant to Rule 10b5-1 trading plans, and in accordance with applicable regulations of the SEC.\u00a0 The timing and exact amount of any repurchases will depend on various factors including, the performance of the Company&#8217;s stock price, &hellip; Continue reading &quot;South Atlantic Bancshares, Inc. 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(&#8220;South Atlantic&#8221; or the &#8220;Company&#8221;) (OTCQX: SABK), parent of South Atlantic Bank (the &#8220;Bank&#8221;), today announced that the board of directors of SABK (the &#8220;Board&#8221;) has authorized a stock repurchase program pursuant to which the Company may, from time to time, purchase up to five percent of its outstanding shares of common stock.\u00a0 The shares may be repurchased from time to time in privately negotiated transactions or the open market, including pursuant to Rule 10b5-1 trading plans, and in accordance with applicable regulations of the SEC.\u00a0 The timing and exact amount of any repurchases will depend on various factors including, the performance of the Company&#8217;s stock price, &hellip; Continue reading \"South Atlantic Bancshares, Inc. 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