South Atlantic Bancshares, Inc. Announces Management Appointments
April 03, 2018 at 02:30 am IST
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South Atlantic Bancshares, Inc. announced the closing of its acquisition of Atlantic Bancshares, Inc., effective April 2, 2018. Atlantic Bancshares had assets of approximately $85 million. The acquisition expands South Atlantic's footprint along the South Carolina coast into Bluffton and Hilton Head Island, adding relevant new markets to the coastal community bank franchise. Bob McKinney, former president and CEO of Atlantic Community Bank, will serve as regional executive for the Bluffton/Hilton Head region. Atlantic Bancshares board member Edgar L. Woods, president and owner of Palmetto Grain Brokerage LLC, has been appointed to the South Atlantic Board of Directors.
South Atlantic Bancshares, Inc. is a bank holding company. The Companyâs banking subsidiary is South Atlantic Bank (Bank). The Bank is a state-chartered commercial bank, and its deposits are insured by the Federal Deposit Insurance Corporation. The principal business activity of the Bank is to provide banking services to domestic markets, principally in Horry, Georgetown, Charleston, and Beaufort counties, South Carolina. It offers loans, including commercial, commercial real estate, consumer and consumer real estate loans. Its deposits include noninterest-bearing transaction accounts, interest-bearing transaction accounts, savings and money market accounts and time deposits. Its personal banking includes checking and money market, savings, and loans and lines of credit. Its mortgage products include mortgage loans, fixed-rate mortgages, adjustable-rate mortgages, and others.
SOUTH ATLANTIC BANCSHARES, INC. 
