$20 Million Capital Raise Completed
Myrtle Beach, South Carolina, March 29, 2017 – South Atlantic Bancshares, Inc. (OTCQX: SABK) (the “Company”), parent of South Atlantic Bank, today announced the closing of a stock purchase with various investors from which it raised aggregate gross proceeds of $20 million through the issuance of its common stock. The securities offered were not registered under the Securities Act of 1933, as amended, or the securities laws of any state, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.
In making the announcement, South Atlantic Bancshares Chairman and Chief Executive Officer, K. Wayne Wicker said, “The capital raise will support the bank’s continued growth and expansion. Since its opening in late 2007, the bank has grown to six offices, all located in some of the fastest-growing areas in the country. Additionally, improving economic conditions are fueling interest in expansion and new projects throughout our markets. Great opportunities for growth lie ahead for the markets we serve and our banking subsidiary. We are pleased to welcome our new shareholders and appreciate the confidence that they have in our Company.”
FIG Partners, LLC, an employee-owned broker/dealer based in Atlanta, Georgia, acted as the Company’s financial advisor in raising the new capital and Hunton & Williams LLP acted as legal counsel to the Company.
About South Atlantic Bank
South Atlantic Bank, the subsidiary bank of South Atlantic Bancshares, Inc. (OTCQX: SABK), is a $474.1 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, 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.
This press release does not constitute an offer to sell or a solicitation of an offer to buy any securities, nor shall there be any sale of securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
Cautionary Statement Regarding Forward-Looking Statements
This press release contains, among other things, certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, without limitation, (i) statements regarding certain of the Company’s goals and expectations with respect to the private placement, and (ii) statements preceded by, followed by, or that include the words “may,” “could,” “should,” “would,” “believe,” “anticipate,” “estimate,” “expect,” “intend,” “plan,” “projects,” “outlook” or similar expressions. These statements are based upon the current belief and expectations of the Company’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’s control). Although the Company believes that the assumptions underlying the forward-looking statements are reasonable, any of the assumptions could prove to be inaccurate. Therefore, the Company can give no assurance that the results contemplated in the forward-looking statements will be realized. 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. 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. 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.