#United States #stock repurchase #Myrtle Beach #South Atlantic Bank #SABK

South Atlantic Bancshares, Inc. Announces Stock Repurchase Program

MYRTLE BEACH, S.C., June 11, 2025 – South Atlantic Bancshares, Inc. (OTCQX: SABK), the parent company of South Atlantic Bank, has revealed an authorized stock repurchase program. This initiative allows the company to buy back up to 378,613 shares of its outstanding common stock.

The decision comes from the board of directors aiming to enhance shareholder value and reflects the company’s ongoing commitment to managing capital effectively. Through this Stock Repurchase Program, South Atlantic Bancshares may purchase shares through various methods, including open market transactions and negotiated agreements.

These repurchases are set to comply with the stipulations outlined in Rule 10b-18 of the Securities Exchange Act of 1934 and other applicable regulations. It is important to note that this program grants the company the flexibility to initiate, suspend, or terminate repurchase efforts without prior notice, underscoring its adaptable approach to capital management.

Details of the Repurchase Program

The Stock Repurchase Program is designed to occur over a twelve-month span, with an expiration date set for June 11, 2026. The company's management will determine the specifics of purchases based on a variety of factors, including market performance, prevailing economic conditions, and available funding.

In addition, the company may execute these buybacks per a trading plan established under Rule 10b5-1 of the Exchange Act, allowing for repurchases even during blackout periods. This dual strategy allows South Atlantic to be strategic and thorough in their repurchase process, aiming to maximize the benefits to shareholders.

This proactive approach adheres to the company's long-term growth strategy amidst varying market dynamics. Still, South Atlantic Bancshares has made it clear that there is no guarantee on the number or value of shares it will repurchase, indicating that the program's success hinges upon market circumstances and overall performance.

About South Atlantic Bancshares, Inc.

Based in Myrtle Beach, South Carolina, South Atlantic Bancshares, Inc. is a registered bank holding company that operates with total assets nearing $1.9 billion as of March 31, 2025. The company’s banking arm, South Atlantic Bank, provides a wide array of financial services across multiple locations in South Carolina – from Myrtle Beach to Charleston. The bank is known for its personalized community banking services, catering to individual clients as well as small to medium-sized enterprises. Services range from traditional checking and savings accounts to advanced treasury management solutions and mobile banking applications.

This strategic repurchase step by South Atlantic Bancshares is part of a broader narrative in the financial sector where companies are exploring ways to deliver value against the backdrop of changing economic conditions. As we see movements like this, they often serve as a strong statement of confidence in a company's future while prioritizing shareholder benefits.

Cautionary Statements

However, it is key to remember that this announcement contains forward-looking statements about future endeavors and performance. Such insights always carry inherent risks and uncertainties that are not strictly controllable by the company's management. Potential risks can range from changes in economic conditions, regulatory changes, to fluctuations in market interests that might impact the bank's operations and shareholder decisions.

As South Atlantic Bancshares embarks on this repurchase journey, both investors and market watchers will look to future disclosures to assess the actual impact of this strategic move. Keeping track of their ongoing economic conditions, strategic choices, and overall financial health will provide a clearer picture of South Atlantic's potential trajectory as they navigate the evolving landscape of banking and finance.