MYRTLE BEACH, S.C., March 30, 2017 /360WiseNews/ — 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. Keep Reading