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Addition to Staff at South Atlantic Bank

Jessica Konewko has joined the staff at South Atlantic BankMyrtle Beach, South Carolina, November 2, 2011 – South Atlantic Bank today announced that Jessica Konewko has joined the staff and will serve as a teller at the bank’s Main Office, located at 630 29th Avenue North.

Konewko has six years of teller experience and most recently served in this capacity with First Federal in Myrtle Beach. A native of Pottstown, Pennsylvania, she has resided in Surfside Beach for 13 years.

South Atlantic Bank Continues Strong Financial Performance

Myrtle Beach, South Carolina, October 25, 2011 – South Atlantic Bancshares, Inc., parent of South Atlantic Bank, today announced net income of $418,157 or $0.15 per diluted share for the three months ended September 30, 2011, marking the bank’s third consecutive profitable quarter. Net income for the nine months ended September 30, 2011 was $797,041 or $0.29 per diluted share.

 “The bank’s financial performance continued to gain steam in the third quarter,” said chairman of the board and chief executive officer K. Wayne Wicker. “Improvement in the net interest margin, expense control, and our strong credit quality all combined to help fuel profitability.”

The bank’s net interest margin improved to 3.31% for the nine months ended September 30, 2011, up from 2.87% 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.

South Atlantic Bank’s credit quality is strong, with just one loan charged off year-to-date. While the bank has not been immune to the issues caused by the economic downturn, its percentage of nonperforming assets remains well below the local, regional, and national averages. Due in part to the bank’s credit quality, its capital ratios remain strong and continue to exceed regulatory requirements. Total assets grew 20.9%, from $195.1 million at September 30, 2010, to $235.9 million at September 30, 2011.

Moderate growth was reported in the balance sheet. Total loans increased 9.0%, from $153.2 million at September 30, 2010 to $167.0 million at September 30, 2011. Total deposits grew 22.8%, from $173.3 million at September 30, 2010 to $212.9 million at September 30, 2011. The bank’s deposit base continues to favor a strong mix of core accounts.

“Our success also can be attributed to the overall growth in our Myrtle Beach and Murrells Inlet locations, as these offices are now firmly established in our community,” Wicker said. “Recent figures released by the FDIC show that South Atlantic Bank is first in market share in Murrells Inlet, tenth along the Grand Strand, and seventh in Myrtle Beach zip code 29577. Our gains in market share demonstrate that our community banking philosophy has resonated with customers who want local, personal banking service.”

BauerFinancial, Inc., a leading independent bank rating firm, recently awarded South Atlantic Bank a 5-Star superior rating, which is the highest rating given. South Atlantic Bank was the only bank in the Grand Strand market to receive a 5-Star rating. In addition, the Myrtle Beach Area Chamber of Commerce honored the bank with the Small Business of the Year award at its annual meeting earlier in October.

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South Atlantic Bank Receives 5-Star Superior Rating

Myrtle Beach, South Carolina, October 6, 2011 – South Atlantic Bank today announced that it has earned a 5-Star Superior rating from BauerFinancial, Inc., a leading independent bank rating firm, for the second quarter 2011. The 5-Star rating is the highest rating a bank can receive. South Atlantic Bank was the only bank in the Grand Strand market to receive a 5-Star rating.

In making the announcement, South Atlantic Bank chairman of the board and chief executive officer K. Wayne Wicker stated, “We are proud to receive this recognition from BauerFinancial. Our 5-Star rating is a direct result of our community banking philosophy, in which the principles of credit quality, sound banking practices, and exemplary customer service guide our day-to-day operations and management.”

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 Staff Appointment

Myrtle Beach, SC, September 20, 2011 – Nancy C. Pinner has joined South Atlantic Bank as a teller in the Murrells Inlet office, located at the corner of Tournament Boulevard and Highway 17 Bypass.

Pinner has more than nine years of teller experience, having served First Palmetto Savings Bank and Carolina First in that capacity before joining South Atlantic Bank.  She began her career as a legal secretary and court reporter in 1982.  A native of Surfside Beach, Pinner now lives in Myrtle Beach. She is a graduate of Horry-Georgetown Technical College with an A.S. degree.

South Atlantic Bank Promotes Mary Jo Rogers

Myrtle Beach, SC, September 1, 2011 – Mary Jo Rogers, senior vice president and Myrtle Beach regional manager for South Atlantic Bank, has been promoted to senior commercial lender. In this new role, Rogers will oversee lending functions for the commercial team, including loan approvals, loan committee presentations, tracking, and management reporting.

Rogers began her banking career in 1989 with the National Bank of North Carolina (now Bank of America) in the commercial relationship management training program. She worked as a commercial lender in Wilmington, North Carolina and moved to Myrtle Beach in 1996 to work with Wachovia Bank as a vice president in its Private Financial Advisors program. In 2003, she joined Carolina First Bank (now TD Bank) as a senior vice president and commercial team leader, a position she held until joining South Atlantic Bank in 2007.

A graduate of East Carolina University with B. A. and M.B.A degrees, Rogers is also a Certified Financial Planner® and has more than 21 years of banking experience.  In the community, she is a past president and a current board member of the Franklin G. Burroughs-Simeon B. Chapin Art Museum of Myrtle Beach and a board member of the Grand Strand Optimist Club.

Allen Timmons Joins South Atlantic Bank

Myrtle Beach, South Carolina, August 17, 2011 – South Atlantic Bank has announced the appointment of Allen Timmons as a mortgage loan specialist for the South Strand. Timmons will be based at the bank’s Murrells Inlet office, located on the corner of Tournament Boulevard and Highway 17 Bypass. 

A native of Lake City, South Carolina, Timmons has lived in Murrells Inlet for the past 29 years. He owned and operated Alcott Douglass Mortgage in Myrtle Beach from 1988 to 2008. He was a mortgage loan specialist at the former Beach First National Bank from 2008 to 2010 and most recently served Horry County State Bank in a similar capacity. He holds a Bachelor’s of Business Administration in Finance from Georgia Southern University in Statesboro. Timmons served in the South Carolina National Guard from 1966 to 1972. 

South Atlantic Bank Announces Fund Drive to Support Miracle League

Myrtle Beach, South Carolina, August 17, 2011 – South Atlantic Bank, a sponsor of the Grand Strand Miracle League’s Fall Opener, has announced a fund drive in its branches to support this local organization.

From August 19 through September 23, South Atlantic Bank will accept monetary donations at its offices in Myrtle Beach and Murrells Inlet. The bank will match the contributions up to $500 and present a check on behalf of its customers and the community to the Grand Strand Miracle League at their Fall Opener on September 25.

R. Scott Plyler, president of South Atlantic Bank, said, “This year marks our third consecutive year in support of the Grand Strand Miracle League. Our employees look forward to the Fall Opener all year and are involved in a number of ways, from serving as buddies to players on the field to helping with concessions and lunch for players and spectators alike.”

Tory Mackey, executive director of the Grand Strand Miracle League, stated, “We’re excited to have the support of South Atlantic Bank for our Fall Opener. It’s promising to be a great season for all of our Miracle Leaguers.”

The Fall Opener will take place on Sunday afternoon, September 25 beginning at 2 p.m. with opening ceremonies. The ball game will begin at 2:15 p.m. and run until 3:30 p.m. A barbecue lunch will served beginning at 2:30 p.m. The public is invited to attend. Games are held at the James C. Benton Miracle League Field in the Pepper Geddings Recreational Complex at Oak Street and 33rd Avenue North in Myrtle Beach.

The Miracle League is dedicated to providing special needs children and adults the opportunity to play baseball. The field is designed to smooth and safe for walkers and wheelchairs. The rules are simple – everyone hits, everyone gets on base and everyone scores. For more information about the Grand Strand Miracle League, visit GrandStrandMiracleLeague.com or call 843.448.7712.

To make a donation, please visit South Atlantic Bank at 630 29th Avenue North in Myrtle Beach or 11019 Tournament Boulevard in Murrells Inlet. Donors are also invited to sign the donation boards on display at the offices and which will be presented to the Miracle League at the Fall Opener. For more information about donating, call 843.839.0100 or visit SouthAtlanticBank.com

Carol Vaci Joins South Atlantic Bank

Myrtle Beach, South Carolina, August 10, 2011 – Carol Vaci has joined South Atlantic Bank as a teller in the Murrells Inlet office, located at the corner of Tournament Boulevard and Highway 17 Bypass.

Vaci 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. 

South Atlantic Bank Announces Strong Financial Performance in Mid-Year Progress Report

Myrtle Beach, South Carolina, August 3, 2011 – South Atlantic Bancshares, Inc., parent of South Atlantic Bank, today announced income of $232,656 or $0.08 per diluted share for the three months ended June 30, 2011, and $378,884 or $0.14 per diluted share for the six months ended June 30, 2011. These figures represent the first two consecutive profitable quarters for the bank, which was founded in 2007.

“Many good things are happening at South Atlantic Bank,” said chairman of the board and chief executive officer Wayne Wicker. “Along with our improved financial performance, our bank has also recorded impressive numbers when compared to our peer group of de novo banks chartered in 2007. In numbers reported by the American Bankers Association for the first quarter of 2011, South Atlantic Bank posted stronger figures than the top 25 percent of these banks in several categories, including credit quality and balance sheet growth.”

The bank’s robust financial performance is attributed to overall growth in the balance sheet. Total loans increased 9.7%, from $148.9 million at June 30, 2010 to $163.3 million at June 30, 2011. Total deposits grew 30.4%, from $172.4 million at June 30, 2010 to $224.7 million at June 30, 2011.

During this timeframe, the net interest margin improved from 2.84% to 3.34%. The improvement in the margin is due to a 25.0% increase in interest income and a 16.1% decrease in interest expense. The bank continues to enjoy a favorable deposit mix, with more than 17% of deposits in low cost accounts.

South Atlantic Bank’s credit quality remains strong, with no charge-offs through the first six months of 2011. The bank’s percentage of nonperforming assets (loans) remains well below the local, regional, and national averages. The bank is also well-capitalized, with capital ratios that exceed regulatory requirements. Total assets grew 27.0%, from $194.3 million at June 30, 2010, to $246.8 million at June 30, 2011.

Wicker said, “South Atlantic Bank plays a vibrant role in our local economy. We employ 34 people who live and work here. They own homes, send their children to local schools, and use local businesses. Our bank supports numerous charitable causes and community projects, not only with funding but also with volunteer manpower. As a local business, we use the services of many other local businesses in the day to day operations of our growing bank.”

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W. David Rhodes, IV Joins South Atlantic Bank

Myrtle Beach, South Carolina, July 20, 2011 – South Atlantic Bank has announced the appointment of W. David Rhodes, IV as senior vice president and South Strand regional manager. He is based at the bank’s Murrells Inlet office, located at the corner of Tournament Boulevard and Highway 17 Bypass. Rhodes is responsible for business development and commercial lending in the bank’s South Strand market.

In making the announcement, President R. Scott Plyler said, “We are pleased to have a banker of David’s caliber join our team. He has six years of solid, local banking experience which will serve him well in his new position with South Atlantic Bank.” 

A native of South Carolina, Rhodes moved to Murrells Inlet in 1994 and graduated from Waccamaw High School in Pawleys Island.  He holds a B.S. degree in business administration from the University of South Carolina and an M.B.A. degree from Rollins College, Crummer Graduate School of Business (Winter Park, Florida).

Rhodes began his career as a management associate with Carolina First Bank (now TD Bank) in 2005 and was named assistant vice president and commercial relationship manager in 2006.  He was promoted to vice president in 2008, and most recently served TD Bank as vice president and loan portfolio officer. In the community, Rhodes serves as a board member for the Claire Chapin Epps Family YMCA, is a member of the Coastal Carolina Sertoma Club, and is an annual campaign volunteer for United Way of Horry County. Rhodes also is a graduate of Leadership Grand Strand, class XXVIII.

Staff Appointments at South Atlantic Bank

Myrtle Beach, South Carolina, May 24, 2011 – South Atlantic Bank has announced the promotions of Shirley Kulcsar to management trainee at the bank’s Main Office in Myrtle Beach, Cari Henderson to customer service representative at the Murrells Inlet office, and Shannon Sutley to teller supervisor, also at the Murrells Inlet office.

Shirley 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 and most recently worked at the bank’s Murrells Inlet office. In her new role, she will be responsible for developing expertise in all areas of retail and branch operations, assisting customers, and providing support to different areas of the bank. A Surfside Beach native, Kulcsar is a graduate of Socastee High School. She and her family reside in the Myrtle Beach area.

Cari Henderson worked for Spirit Airlines as a customer service supervisor for seven years before joining the former Coastal Federal (now BB&T) in 2006 as a head teller and customer service representative at the Sayebrook office.  She joined South Atlantic Bank as a teller supervisor at the Murrells Inlet office in 2008, a position she held until her recent promotion.  As a customer service representative, she will be responsible for opening new accounts and assisting customers with their financial needs. Henderson is a native of Elmira, New York, and has resided in Surfside Beach for the past twelve years. She is a graduate of the Pittsburgh Technical Institute with a degree in travel and tourism. 

Shannon Sutley is a native of Meriden, Connecticut, who has resided along the Grand Strand for 21 years.  She began her banking career with NationsBank (now Bank of America) in 1993 and served Carolina First prior to joining South Atlantic Bank as a teller in the Murrells Inlet office in August 2010. As teller supervisor, she is responsible for teller training, approvals, and scheduling.  She is a graduate of Socastee High School and resides with her family in the Myrtle Beach area.

Staff Appointments Announced at South Atlantic Bank


Myrtle Beach, South Carolina, March 8, 2011
- South Atlantic Bank has announced the promotion of Michelle Tomas to loan operations specialist and Lauren Griffin to teller supervisor.

Thomas brings more than 23 years of banking experience to her new position.  She joined South Atlantic Bank in 2008 and had previously served in the deposit operations department of the former Beach First National Bank.  She began her career at Dollar Bank in Pittsburgh, Pennsylvania, where she worked in several departments including cash management and computer operations.  She also is an artist who works in acrylics on canvas.

Thomas is a native of Pittsburgh, Pennsylvania and has lived in Calabash, North Carolina for nine years.  She is a graduate of the ICM School of Business (now Kaplan Career Institute) with A.A. degrees in Specialized Technology for Retail Art and Computer Management.

Griffin joined South Atlantic Bank as a teller in 2008 and has nearly 10 years of business experience.  Prior to joining South Atlantic Bank she served as the office manager for Premium Petroleum Company from 2004 to 2008.  She is a graduate of Westchester Community College in Westchester, New York with an A.A. degree in liberal arts.  Griffin is a native of Westchester and has resided along the Grand Strand for three years. 

School Children Tour South Atlantic Bank

Chief Executive Officer Wayne Wicker demonstrates the coin counter, as students watch carefully.

Myrtle Beach, South Carolina, February 3, 2011 – During January, more than 680 Myrtle Beach Elementary School students saw banking in action when they toured South Atlantic Bank’s main office at 630 29th Avenue North in Myrtle Beach. The second and third graders had been learning about money and banking in their classes. The tour helped to connect the classroom lesson to real life experience for the students, many of whom had never been inside a bank.

Ten members of the bank’s staff served as tour guides and in all, 33 tours took place. During each 20 minute tour, students received a brief history of the bank, along with a summary of the important role banks play in our communities. Students saw a demonstration of the cash and coin counters, walked inside the vault, sat in the board room, and visited the bank’s back room operations, while learning about jobs in banking, such as teller, customer service representative, and manager. The bank presented the students with piggy banks to help them develop good savings habits.