South Atlantic Bancshares, Inc. Receives Regulatory Approval for Merger

Wednesday, March 14th, 2018

South Atlantic Bancshares, Inc., parent of South Atlantic Bank, announced it has received regulatory approvals from the Federal Deposit Insurance Corporation and the South Carolina Board of Financial Institutions necessary to complete the previously announced merger with Atlantic Bancshares, Inc., parent of Atlantic Community Bank, under which South Atlantic will acquire Atlantic Bancshares.

The transaction is expected to close April 2, 2018 and is subject to customary closing conditions. The shareholders of Atlantic Bancshares approved the merger on February 28, 2018.

South Atlantic Chairman and Chief Executive Officer K. Wayne Wicker said, "We are pleased to have received the required regulatory approvals for this acquisition. The South Atlantic and Atlantic Community Bank staffs are working together to ensure a smooth systems conversion scheduled for early June. We look forward to welcoming their employees and customers into the South Atlantic Bank family."

After the merger is completed, the combined company will operate under the South Atlantic Bank brand, have nine offices serving coastal South Carolina's most desirable markets, and have assets in excess of $600 million.