Stock Dividend Announced
Myrtle Beach, South Carolina, December 3, 2015 – The board of directors of South Atlantic Bancshares, Inc. (OTCQX: SABK), parent of South Atlantic Bank, declared a 10 percent stock dividend payable on December 29, 2015 to shareholders of record at the close of business on November 28, 2015. The record date also marks the bank’s eighth anniversary and was selected for this reason.
The stock dividend provides shareholders with ten new shares for every 100 shares held, with fractional shares rounded up to the next whole share. It is the second dividend declared in the company’s eight-year history, with the first, also a 10 percent stock dividend, declared and paid in December 2012. The latest dividend will increase the company’s outstanding common shares of stock to approximately 3,829,644 shares, an increase of 348,150 shares.
In making the announcement, chairman of the board and chief executive officer K. Wayne Wicker said, “In the three years since our first dividend was declared, the company has expanded its geographic footprint significantly, adding locations in Mount Pleasant, Georgetown, and North Myrtle Beach while growing our staff to 75 strong. During this time, the company has leveraged its expansion to improve its financial performance and further develop its presence.”
The company listed its common stock on the OTCQX Marketplace in October 2015 to improve the stock’s visibility with investors and provide shareholders with greater liquidity. Investors can find current financial disclosures and Real-Time Level 2 quotes for South Atlantic Bancshares, Inc. by visiting www.otcmarkets.com and entering the symbol “SABK.”