South Atlantic Bank Announces Entrance into Pawleys Island and Waccamaw Neck

Myrtle Beach, South Carolina, May 10, 2012 – South Atlantic Bank today announced that it will open a loan production office in Pawleys Island at 10593 Ocean Highway, Unit B, on Monday, May 14. Drew Johnson and Donna Murphy, both career bankers with more than 40 years of combined experience in Pawleys Island, will lead the bank’s team in this market. Drew will serve as senior vice president/Georgetown County executive and Donna will serve as vice president/retail business development officer.

In making the announcement, South Atlantic Bank chairman of the board and chief executive officer Wayne Wicker said, “Drew and Donna are veteran bankers who will be responsible for the establishment of our presence in Pawleys Island and the Waccamaw Neck, beginning with our loan production office. Applications have been filed with the FDIC and the South Carolina State Board of Financial Institutions to open a full-service branch office and we anticipate full-service branch operations to begin within 90 days,” he said.

R. Scott Plyler, president, said, “We are pleased to have bankers of Drew and Donna’s caliber on our staff. They are a good fit for South Atlantic Bank because they understand our community banking philosophy of strong credit quality, sound banking practices, and exemplary customer service, and they share our commitment to community and our passion for banking.”

The loan production office will be South Atlantic Bank’s second location in the South Strand. The bank currently operates a branch at 11019 Tournament Boulevard in Murrells Inlet in addition to its headquarters office in Myrtle Beach.

Drew Johnson most recently served Plantation Federal as president and Donna Murphy served there as a vice president.

Hunt Earns Promotion at South Atlantic Bank

Myrtle Beach, South Carolina, May 7, 2012  – Tiffany Hunt has been promoted to banking officer and assistant manager of South Atlantic Bank’s Main Office at 630 29th Avenue North in Myrtle Beach. As assistant manager, she will oversee several branch functions including security, teller operations, customer service, and facilities.

Hunt has been with South Atlantic Bank since its opening in 2007 and most recently served as a personal banker at the Main Office. Prior to joining South Atlantic Bank, she worked for Carolina First Bank (now TD Bank) in Conway. She has 12 years of banking experience in consumer lending, teller supervision, and customer service.

South Atlantic Bank Announces Promotion

Myrtle Beach, South Carolina, May 2, 2012  – Carol Vaci has been promoted to customer service representative at South Atlantic Bank’s main office at 630 29th Avenue North in Myrtle Beach. As a customer service representative, she will be responsible for opening new accounts and assisting customers with their financial needs.

Vaci joined South Atlantic Bank as a teller in August 2011. She previously served Wachovia Bank from 1988 to 2011, working as a teller and customer service representative, and in trust administration. A native of Alexander, New York, Vaci has lived in Myrtle Beach for 26 years. She is a graduate of the State University of New York at Cortland with a B.A. degree in recreation administration.

Earnings Grow 210% at South Atlantic Bank

Myrtle Beach, South Carolina, April 16, 2012 – South Atlantic Bancshares, Inc., parent of South Atlantic Bank, today reported net income of $453,006, or $0.16 per diluted share for the three months ended March 31, 2012, an increase of 210% when compared to the $146,228 or $0.03 per diluted share reported for the same period a year ago.

“I am pleased to announce that 2012 is off to a good start for South Atlantic Bank,” said chairman of the board and chief executive officer K. Wayne Wicker. “Our first quarter results can be directly attributed to a 19.1% increase in net interest income fueled by loan growth, along with improvement in noninterest income and expense control.”

The bank’s net interest margin improved to 3.87% for the three months ended March 31, 2012, up from the 3.38% reported for the same period a year ago. The improvement in the margin is due to an increase in the yields on interest earning assets and a decrease in interest costs for deposits, based on market conditions and the current low interest rate environment.

Moderate gains were reported in the balance sheet. Total loans grew 4.64% during the first quarter, with total loans of $162.7 million at March 31, 2011 compared to $170.3 million at March 31, 2012. Total deposits grew 10.98%, from $194.7 million at March 31, 2011 to $216.1 million at March 31, 2012. The bank’s deposit base continues to favor a strong mix of core accounts.

South Atlantic Bank’s credit quality remains strong with net charge-offs to total loans of 0.14% for the three months ended March 31, 2012. While the bank has not been immune to the issues caused by a tough economic cycle, its percentage of nonperforming assets remains favorable when compared to local, regional, and national averages.

The bank’s capital ratios continue to exceed regulatory requirements. Total assets grew 9.31%, from $219.2 million at March 31, 2011, to $239.6 million March 31, 2012.

“It appears that our tourism-driven economy has experienced an improving spring, with a myriad of special events, school breaks, and the Easter holiday all drawing visitors to our market,” Wicker said. “There is brighter news on the housing horizon, as home sales are increasing, continuing an upward trend that began this winter. This good news may fuel confidence in the economic recovery, which could in turn spur future growth and development,” he stated.

Click here for Selected Financial Highlights.

Peg Shaffer Joins South Atlantic Bank

Myrtle Beach, South Carolina, April 15, 2012 – South Atlantic Bank has announced the appointment of Peg Shaffer as assistant vice president and assistant manager of loan servicing at the bank's Main Office at 630 29th Avenue North in Myrtle Beach.

Shaffer has nearly 30 years of banking experience, primarily with three Pennsylvania banks and five years locally with Sandhills Bank, where she served as chief credit officer for five years.  At South Atlantic Bank, Shaffer will be responsible for loan documentation, regulatory compliance, and governmental reporting.

A native of Lock Haven, Pennsylvania, Shaffer is a graduate of the South Carolina Banker's Association School of Banking and has completed the Risk Management Association Commercial Lending School.  In the community, she serves as treasurer of Heroes for Children, a local non-profit organization dedicated to supporting the volunteer Guardian ad Litem program of Horry County.  She is also a member of the North Myrtle Beach Women's Club and has resided in North Myrtle Beach for nine years.

South Atlantic Bank Honors Eight in Art Program

South Atantic Bank Earns Third Consecutive 5-Star Superior Rating

Myrtle Beach, South Carolina, March 6, 2012 – BauerFinancial, Inc., a leading independent bank rating firm, has awarded South Atlantic Bank a 5-Star Superior rating for its financial performance in the fourth quarter 2011.

BauerFinancial, based in Coral Gables, Florida, compiles its ratings after an independent review of data that financial institutions report to the federal government, including capital ratios, profitability/loss trends, the level of delinquent loans, charge-offs and repossessed assets, market versus book value of the investment portfolio, regulatory supervisory agreements, the community reinvestment rating (CRA), and historical data and liquidity. Banks can achieve rankings of zero through 5 stars, with 5 being the strongest. BauerFinancial has been analyzing and reporting on the financial condition of the banking industry since 1983. For more information about BauerFinancial, visit www.BauerFinancial.com.

South Atlantic Bank Announces Teller Appointment

Myrtle Beach, South Carolina, March 5, 2012 – South Atlantic Bank has announced the appointment of Leah Mazurkiewicz as a teller at the bank’s Main Office at the corner of 29th Avenue North and Grissom Parkway. A native of Conway, South Carolina, Mazurkiewicz is a graduate of Carolina Forest High School and received a B.A. degree in communications with a minor in graphic design from Coastal Carolina University. Prior to joining South Atlantic Bank, she was the manager of the Heart to Heart Boutique at Coastal Grande Mall. In the community, Mazurkiewicz serves as a volunteer with the Conway Chamber of Commerce. She resides in Carolina Forest.

South Atlantic Bank Announces First Yearly Profit

Myrtle Beach, South Carolina, January 26, 2012 – South Atlantic Bancshares, Inc., parent of South Atlantic Bank, today announced net income of $1,155,407 or $0.42 per diluted share for the year ended December 31, 2011, marking the bank’s first profitable year since its founding in 2007 and a 222% improvement over the $944,856 loss reported for the same period a year ago.

Net income for the three months ended December 31, 2011 was $358,366 or $0.13 per diluted share, representing the bank’s fourth consecutive quarterly profit.

“Several factors contributed to the bank’s improved financial performance in 2011,” said chairman of the board and chief executive officer K. Wayne Wicker. “The bank is in its fifth year of operation and is now a well-established presence in Myrtle Beach and Murrells Inlet, with significant gains in market share posted each year. This overall growth, when met with the success of strategies implemented to improve the net interest margin, control expenses, and maintain credit quality, yielded strong results.”

The bank’s net interest margin improved to 3.40% for the year ended December 31, 2011, up from the 2.97% reported for the same period a year ago. The improvement in the margin is due to an increase in the yields on interest earning assets and a decrease in interest costs for deposits, based on market conditions and the current low interest rate environment.

Moderate gains were reported in the balance sheet. Continued weak demand throughout the Grand Strand held loan growth to just 4.14% in 2011, with total loans of $162.9 million at December 31, 2010 compared to $169.6 million at December 31, 2011. Total deposits grew 10.74%, from $178.9 million at December 31, 2010 to $198.1 million at December 31, 2011. The bank’s deposit base continues to favor a strong mix of core accounts.

South Atlantic Bank’s credit quality remains strong with net charge-offs to total loans of 0.55% for the year ended December 31, 2011. While this percentage represents an increase over the same period a year ago, it primarily includes write downs made in the fourth quarter 2011 to reflect the current market value of collateral. As a vigilant guardian of its credit quality, the bank took this conservative action due to the continued decline in real estate values along the Grand Strand.

The bank’s capital ratios continue to exceed regulatory requirements. Total assets grew 12.11%, from $204.9 million at December 31, 2010, to $229.7 million at December 31, 2011.

Click here for Selected Financial Highlights.

Staff Appointments Announced at South Atlantic Bank

Myrtle Beach, South Carolina, January 25, 2012 – South Atlantic Bank has announced that three employees have taken on new roles within the bank's loan operations function.

Karen M. Atwood Ervin, vice president, has been appointed to the new position of director of loan administration. Atwood Ervin began her banking career in 1994 and has more than 18 years of loan administration/operations experience with several local banks. She served as assistant vice president for commercial/construction loan administration for Carolina First Bank before joining South Atlantic Bank in September 2007 as vice president and director of loan operations. In her new position as director of loan administration, she is responsible for management of the platform systems for new consumer, commercial, and mortgage lending; compliance; and supervision of the loan administration staff. Atwood Ervin is a graduate of the South Carolina Bankers School (Columbia, South Carolina), the Robert Morris Associates Commercial Lending School (Greenville, North Carolina), and the American Bankers Association National Compliance School (Atlanta, Georgia). She is a resident of Myrtle Beach.

Leslie A. Wdowiak has been promoted to vice president and appointed to the new position of director of loan servicing. Wdowiak began her banking career in 1987, working with two New England area banks before relocating to South Carolina in 2005. In South Carolina, she served the former Coastal Federal Bank as group leader for commercial/consumer loans and the former Beach First National Bank as assistant vice president for loan operations before joining South Atlantic Bank in November 2007 as assistant vice president and loan operations manager. In her new position as director of loan servicing, she is responsible for management and maintenance of existing consumer, commercial, and mortgage loans; customer service; compliance; and supervision of the loan servicing staff. Wdowiak attended Keene State College (Keene, New Hampshire) and Franklin Pierce College (Rindge, New Hampshire). She is a graduate of the New England School of Banking and has completed the Stephen R. Covey "Seven Habits of Highly Effective People" leadership training program. She resides in Surfside Beach.

Shirley Y. Kulcsar has been promoted to assistant vice president and appointed to the new position of loan administration specialist. Kulcsar began her banking career with Anchor Bank (now Carolina First) in 1994 as a teller and was promoted to customer service representative in August 1995. She continued in that role with Carolina First until May 2004 when she was promoted to loan assistant. In November 2007, she joined South Atlantic Bank as a personal banker at the Main Office, and then served in the same capacity at the Murrells Inlet office when it opened in November 2008. In June 2011, she was promoted to the management training program. In her new position as loan administration specialist, she will be responsible for the preparation of loan documents using the bank's Compliance One software. A Surfside Beach native, Kulcsar is a graduate of Socastee High School. She resides in the Myrtle Beach area.

South Atlantic Bank Announces Teller Appointment

Myrtle Beach, South Carolina, January 18, 2012 – South Atlantic Bank has announced the appointment of Mandy Lischner as a teller at the bank’s Main Office at the corner of 29th Avenue North and Grissom Parkway.

A native of Little River, South Carolina, Lischner completed her high school education through Allendale Academy and is a graduate of the University of South Carolina, where she earned a bachelor of music degree with an emphasis in jazz studies. During her high school and college years, she held positions at the North Myrtle Beach Aquatic and Fitness Center, Beach Services, and the Cracker Barrel Old Country Store and Restaurant.