2022-08-19 | OTCQX:SABK | Press release

MYRTLE BEACH, South Carolina, August 19, 2022 /PRNewswire/ — South Atlantic Bancshares, Inc. (“South Atlantic” or the “Company”) (OTCQX: SABK), parent company of South Atlantic Bank (the “Bank”), has announced a change in the Bank management. Richard N. “Dick” Burch, Executive Vice President and Chief Operating Officer (“COO”), announced his departure from the organization, effective July 272022. Mr. Burch has also resigned from the Boards of the Company and the Bank.

Management of the Company and the Bank performs functions previously performed by the Chief Operating Officer and does not anticipate hiring a new Chief Operating Officer at this time.

About South Atlantic Bancshares, Inc.

South Atlantic Bancshares, Inc. (OTCQX: SABK) is a registered bank holding company based in Myrtle Beach, SC with about $1.4 billion in total assets. The Company’s banking subsidiary, South Atlantic Bank, is a full-service financial institution covering the entire coastal area of Caroline from the south, and is locally owned, controlled and operated. The Bank operates eleven offices in myrtle beach, carolina forest, North Myrtle Beach, Murrels Inlet, Pawleys Island, georgetown, mount pleasant, Charleston, Bluffton, Hilton Head Island 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 personal and business banking products, including mortgage and cash management, including South Atlantic Bank goMobile, the Bank’s mobile banking application. The Bank also offers internet banking, free access to ATMs, checks, certificates of deposit and money market accounts, merchant services, mortgages, remote deposit capture, and more. For more information, visit www.South Atlantic.bank.

Caution 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 regarding the effects of the ongoing COVID-19 (or any current or future variation thereof), statements referring to a future time period, or statements preceded, followed by, or containing the words “may”, “could”, “should”, “would “, “believes”, “anticipates”, “estimates”, “expects”, “intends”, “plans”, “projects”, “outlooks” or similar terms or expressions. These statements are based on the current beliefs and expectations of the Company’s management team and are subject to important risks and uncertainties that are subject to change based on a variety of 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 any anticipated future results, performance or achievements expressed or implied by the forward-looking statements. Although the Company believes that the assumptions underlying the forward-looking statements are reasonable, any one of these assumptions may prove to be incorrect. Accordingly, the Company cannot guarantee that the results contemplated in the forward-looking statements will occur and 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 statement by the Company or any person that future events, plans or expectations contemplated by the Company will occur and readers are cautioned not to place undue reliance forward-looking information. forward-looking statements contained in this press release. All subsequent written and oral forward-looking statements attributable to the Company or anyone acting on its behalf are expressly qualified in their entirety by the above cautionary statements. All forward-looking statements contained in this press release are made as of the date hereof, and the Company undertakes no obligation to update any forward-looking statement to reflect circumstances or events that occur after the date on which the statements forecasts are made. , unless required by law.

The information contained in this document, other than information dated December 31, 2021, is not audited. 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 year ended December 31, 2021as contained in the Company’s 2021 Annual Report available on the Company’s website.

Information available

The Company maintains a website at www.southatlantic.bank/about-us/investor-relations. The Company makes available free of charge on its website the documents relating to the annual meeting, the annual reports and the reports on the quarterly results of the Company. In addition, the OTC Markets group maintains a website which contains reports, proxy and information statements, and other information relating to the Company (at www.otcmarkets.com/SABK).

The Company regularly publishes 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 website as a means to disclose material, nonpublic information and to comply with its disclosure obligations under the OTC Markets Group OTCQX Rules for US Banks. Accordingly, investors should monitor the Company’s website, in addition to monitoring Company press releases, OTC filings, public conference calls, presentations and webcasts.

Information contained on or accessible through the Company’s website is not incorporated by reference into, and does not form part of, this press release.


K. Wayne Wicker, President and CEO, 843-839-4410

Matthew Hobert, Executive Vice President and Chief Financial Officer 843-839-4945

FDIC member

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SOURCE Bank of the South Atlantic

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