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South Atlantic Bank Promotes Jessica Stafford

Myrtle Beach, South Carolina, December 31, 2013 – South Atlantic Bank today announced that Jessica Stafford has been named a loan servicing specialist at the bank’s Main Office, located at 630 29th Avenue North.

Stafford has nine years of banking experience. She joined South Atlantic Bank as a teller in 2011 and was promoted to teller supervisor at the bank’s Main Office in 2012. Prior to joining South Atlantic Bank, she had worked as a teller for First Federal in Myrtle Beach. A native of Pottstown, Pennsylvania, she has resided in Surfside Beach for 16 years.

 

South Atlantic Bank to Build New Office in Pawleys Island

Myrtle Beach, South Carolina, December 27, 2013 – In just over 17 months of operation, South Atlantic Bank has outgrown its current location at Waverly Place and will build a new office to serve its customers in the Waccamaw Neck. The new building will be set on approximately 1.15 acres at the corner of Lachicotte Road and Ocean Highway, centrally located near the Hammock Shops. Construction will be underway in late January with completion expected in the summer of 2014.

The bank’s Pawleys Island location opened at 10593 Waverly Place in June 2012, and in just one year of operation, achieved market share of well over 10%, according to figures released by the FDIC as of June 2013. The new office will be 4,000 square feet and feature many amenities for customers including a drive-up ATM. ESD Architecture and Design of Charlotte is the architect. This firm also drew up the plans for the bank’s offices at 630 29th Avenue North in Myrtle Beach and 11019 Tournament Boulevard in Murrells Inlet. The new building will have a similar look and feel to these locations.

“Customers will find that much like our present location, we are right in the heart of the business district, in a central location that is easy to access,” said K. Wayne Wicker, South Atlantic Bank chairman of the board and chief executive officer. “Our new office will feature the latest in technology provided in a warm and welcoming atmosphere with a strong emphasis on customer service. We are looking forward to serving customers in this new office by the summer of 2014,” he said.

Kyzer Promoted to Senior Vice President at South Atlantic Bank

Myrtle Beach, South Carolina, November 25, 2013 – South Atlantic Bank has promoted Don Kyzer, director of merchant card services, to the rank of senior vice president. 

Kyzer has 25 years of experience in merchant services and joined South Atlantic Bank in 2009 from the former Carolina First (now TD Bank), where he was responsible for the daily operations of their merchant services department. A native of Columbia, he has resided in Myrtle Beach for 42 years. Kyzer is a U.S. Air Force veteran with service in Vietnam.

 

South Atlantic Bank Announces Year-To-Date and Third Quarter Earnings

Myrtle Beach, South Carolina, October 30, 2013 – South Atlantic Bancshares, Inc., parent of South Atlantic Bank, today reported income before taxes of $1,962,060 for the nine months ended September 30, 2013, an increase of 43.7 percent when compared to the $1,365,382 reported for the same period a year ago. Income before taxes for the three months ended September 30, 2013 was $552,131, an increase of 9.9 percent when compared to the $502,551 reported for the same period a year ago. Net income for the nine months ended September 30, 2013 was $1,348,565 or $0.44 per diluted share, and for the three months ended September 30, 2013, was $484,066 or $0.16 per diluted share. The third quarter of 2013 marked the bank’s eleventh consecutive quarterly profit. Having completed its second consecutive year of profitability at December 31, 2012, the bank became fully taxable beginning in 2013.

“During the third quarter, South Atlantic Bank took advantage of several expansion opportunities which will position the bank well for future growth,” said K. Wayne Wicker, chairman of the board and chief executive officer. “We opened a full-service office in Georgetown and a loan production office in Mount Pleasant, while doubling the size of our mortgage department, all while maintaining profitability. We were able to get the right people and locations in place and we are fortunate that our sound financial position allowed us to act on these opportunities to grow the bank,” he said.

Wicker continued, “While our expansion activities will have an effect on noninterest expense in the fourth quarter, we expect them to be accretive to earnings in 2014. A strong case in point is our Pawleys Island office, which opened in June 2012. In just one year, this single office achieved deposit market share of more than 10 percent according to figures recently released by the FDIC. We are pleased with the performance of all our offices and their contribution to the bank’s overall success,” Wicker said.

Total loans grew 9.3 percent year-to-date, from $182.2 million at September 30, 2012 to $199.2 million at September 30, 2013. Total deposits grew 10.8 percent, from $258.6 million at September 30, 2012 to $ 286.6 million at September 30, 2013.

South Atlantic Bank’s credit quality remains strong with net charge-offs to total average assets of 0.10 percent for the nine months ended September 30, 2013. The bank’s capital ratios continue to exceed regulatory requirements. Total assets grew 9.9 percent, from $283.8 million at September 30, 2012, to $ 311.9 million at September 30, 2013.

Click Here for Financial Data

South Altantic Bank Expands Mortgage Department

Myrtle Beach, South Carolina, October 17, 2013 – South Atlantic Bank is doubling the size of its mortgage department to include additional originators and operations staff, the bank announced today.

The extension of the bank’s geographic footprint from Myrtle Beach to Mt. Pleasant, an improving economic outlook, and signs of a rebounding housing market all contributed to the bank’s decision to expand this line of business. In addition to its Myrtle Beach headquarters, South Atlantic Bank has full service offices in Murrells Inlet, Pawleys Island, and Georgetown, and recently opened a loan production office in Mount Pleasant. 

Four staff members have been hired to fill new roles within the mortgage department. They are:  Travis A. Minter, senior vice president and director of mortgage loans; Adam M. Paskanik, vice president and mortgage loan officer; Peter M. Insabella, vice president and mortgage loan officer; and Susan O. Burton, vice president and mortgage operations manager. Minter, Paskanik, and Burton are based at the Myrtle Beach headquarters; Insabella is located at the bank’s Mount Pleasant loan production office. In addition, Douglas A. Arseneau, who has been with the bank since its opening in 2007, has taken on the role of senior vice president and director of mortgage loan operations. The new staff members join Arseneau, two in-house processors, and an originator already in place. In addition, South Atlantic Bank’s branch managers are experienced mortgage originators who are instrumental in developing mortgage loans.

In making the announcement, R. Scott Plyler, South Atlantic Bank president, said, “With the addition of these seasoned mortgage professionals to our experienced staff, we have positioned the bank to take advantage of improving conditions in the housing markets here along the Grand Strand and in Charleston. The level of talent, experience, and professionalism in our combined team will enhance our capabilities and provide the customer with even greater financing options.”

Senior vice president and director of mortgage loans Travis A. Minter added, “Community banks play a critical role in meeting the mortgage needs of our markets. Not only do we offer conventional, FHA, USDA and VA financing options, but we also have expanded our product menu to include portfolio lending and one-time close construction-permanent loans. Our product mix now spans the needs of our first time homebuyers as well as the super jumbo construction borrower,” he said.

MinterMinter is a veteran mortgage banker with 15 years of experience who most recently served CresCom Bank as senior vice president for retail mortgage. He is a member and past president of the Mortgage Bankers Association of the Carolinas, and a member of the Mortgage Bankers Association of America, the Grand Strand Mortgage Lenders Association, the Coastal Carolina Association of Realtors, and the Charleston Trident Association of Realtors. In the community, Minter is a member of Leadership Grand Strand Class XXIV, the Grand Strand Sertoma Club, and serves as a Little League coach for the Carolina Forest Community.

 

ArseneauArseneau has 20 years of banking experience and has been with South Atlantic Bank since it opened in 2007. At South Atlantic Bank, he served as regional manager of the bank’s South Strand market and as director of mortgage services. He is a graduate of The Citadel with a B.S. degree in business administration and resides in Murrells Inlet.

 

PaskanikPaskanik has 10 years of mortgage experience and most recently served CresCom Bank as vice president and mortgage loan officer. He is an affiliate member of the Coastal Carolina Association of Realtors and the Myrtle Beach Area Chamber of Commerce. Paskanik holds a B.S. degree in business administration from Coastal Carolina University and is a Certified Mortgage Planning Specialist (CMPS).

 

InsabellaInsabella has 10 years of mortgage experience and most recently served CresCom Bank as vice president and mortgage loan officer. A native of Spartanburg, he is a graduate of the University of South Carolina with a B.S. degree in business administration and finance and resides in Charleston.

 

BurtonBurton has more than 20 years of experience in the mortgage industry and most recently served First Federal Bank of Charleston as assistant vice president for mortgage quality control. Burton is a graduate of West Virginia University with a B.A. degree in English Literature.

 

South Atlantic Bank Opens Loan Production Office to Serve Charleston and Mt. Pleasant

Myrtle Beach, South Carolina, October 8, 2013 – South Atlantic Bank today announced that it has opened a loan production office at 1127 Queensborough Boulevard in Mt. Pleasant. The new location is the bank’s fifth overall and first outside the Grand Strand, and will provide commercial and residential lending products and services to customers in the Charleston/Mt. Pleasant market. Veteran bankers Ken Pickens, Brian Michel, Kurt Seguer, Peter Insabella and Christy Chumney will staff the loan production office.

“The Charleston market has long been of interest to us,” said South Atlantic Bank chairman of the board and chief executive officer K. Wayne Wicker. “In Ken, Brian, Kurt, Peter, and Christy, we have the best possible team ready to service the lending needs of the Charleston/Mt. Pleasant market. They are committed to strong credit quality, sound banking practices, and exemplary customer service, all tenets of South Atlantic Bank’s community banking philosophy,” he said.

Ken Pickens will serve as senior vice president and regional executive. Pickens has 31 years of banking experience and most recently served Tidelands Bank as senior vice president and senior lender. He is an honor graduate of The Citadel with a B.S. degree in business administration and an M.B.A. degree. He also completed the National Commercial Lending School and the National Graduate Commercial Lending School, both based at the University of Oklahoma, the Graduate School of Banking of the South held at Louisiana State University, and the Stonier Graduate School of Banking held at Georgetown University in Washington, D.C. He previously served on the Community Bankers Council and Credit Committee of the South Carolina Bankers Association, and is a life member of the Association of Citadel Men. A native of Greenville, South Carolina, Pickens has resided in Mt. Pleasant for 23 years.

Brian Michel will serve as vice president and commercial and residential lender. Michel has 15 years of banking experience, all in the Charleston market. He most recently served Tidelands Bank as vice president for mortgage banking. He is a graduate of Wofford College with a B.A. degree in accounting. A native of Charleston, he has served on the Bishop England High School Advisory Board and the board of Florence Crittenton Programs of South Carolina.

Kurt Seguer will serve as vice president and commercial and residential lender. Seguer has 15 years of experience in the financial services industry and began his career as a project manager for Boston Financial Data Services. He joined Tidelands Bank in 2005 as a commercial banker. He is a graduate of the University of Massachusetts at Dartmouth with a B.A. degree in writing and communication, and received an M.B.A. degree from Regis University in Colorado. He also completed the South Carolina Bankers Association School of Banking held at the University of South Carolina. A native of New Bedford, Massachusetts, Seguer has resided in Ladson for eight years. He is a member of the Historic Rotary Club of Charleston.

Peter Insabella will serve as vice president and mortgage loan officer. Insabella has nearly 10 years of mortgage experience and most recently served CresCom Bank as vice president and mortgage loan officer. A native of Spartanburg, he is a graduate of the University of South Carolina with a B.S. degree in business administration and finance.  Insabella has resided in Charleston for the past nine years.

Christy Chumney will serve as assistant vice president and loan assistant.  She has 15 years of commercial and mortgage lending experience and most recently served Tidelands Bank as a loan assistant. A graduate of the University of South Carolina with a B.S. degree with in business administration and finance, she is a lifelong resident of Charleston.


In addition to its Myrtle Beach headquarters, South Atlantic Bank has full service offices in Murrells Inlet, Pawleys Island, and Georgetown. 

South Atlantic Bank's Georgetown Office Now Open - New Staff Members Announced

From Left to Right:  Yvette Morgan, Mary Lee, Danny Siau, Challie Grimes, and Linda Coleman 

Myrtle Beach, South Carolina, September 17, 2013 – South Atlantic Bank’s new, full service office at 1187 North Fraser Street in Georgetown is now open. The new office is the bank’s second in Georgetown County and fourth overall. The Federal Deposit Insurance Corporation (FDIC) and the South Carolina State Board of Financial Institutions approved the bank’s branch application during the summer.

Mary I. Lee has been named vice president and retail business development manager. A Georgetown native and career banker with more than 25 years of experience, Lee most recently served The Citizens Bank in the Pawleys Island/Georgetown market as vice president and branch manager. She is a graduate of the University of South Carolina with a B.A. degree in business administration. In the community, Lee is a member of the Tidelands Community Hospice board of directors.
Challie Grimes will serve as a customer service representative. Also a Georgetown native, Grimes has five years of banking experience, and most recently served TD Bank as a financial services representative. She is a graduate of Francis Marion University with a B.S. degree in political science. In the community, she is a member of the Georgetown Memorial Hospital Women’s Board and the Georgetown Young Professionals.

Linda Coleman will serve as the bank’s teller supervisor. A resident of Georgetown, Coleman began her banking career with TD Bank in Georgetown in 1999 and most recently served as head teller.

Lee, Grimes, and Coleman join existing staff members Danny Siau, senior vice president and Georgetown city regional executive and Yvette Morgan, assistant vice president and loan specialist, at the Georgetown office. Siau began his 25-year banking career with C & S Bank (now Bank of America) as a branch manager in 1988. In 1992, he was named the market manager for Anchor’s Bank’s Georgetown office, serving there until he joined Carolina First Bank (now TD Bank) in 1997. He most recently served as a senior vice president and city executive for TD Bank. A native of Georgetown, Siau is a graduate of the University of South Carolina with a B.S degree in business management. Morgan worked as a legal secretary with the McNair Law Firm for three years before joining Carolina First Bank (now TD Bank) in 1990. She advanced through the ranks and most recently served as a commercial sales associate in Georgetown. Morgan attended Furman University in Greenville, South Carolina and is a graduate of Horry-Georgetown Technical College. A native of Sumter, she has resided in Georgetown with her family for the past 29 years.

Office hours are 8:30 a.m. to 5 p.m. Monday through Friday.

South Atlantic Bank Announces Three Promotions

Myrtle Beach, South Carolina, August 21, 2013 – South Atlantic Bank has announced the promotion of three staff members.

Ann CoteAnne Cote has been promoted to senior vice president and has taken on the role of director of loan operations. A veteran banker with 25 years of experience, Cote has been with the bank since its opening in November 2007 and most recently served as manager of the Myrtle Beach office. She is a graduate of the University of South Carolina with a B.S. degree in finance and management and resides in Myrtle Beach.

 

Michelle LoveMichelle A. Love has been named vice president and manager of the bank’s Myrtle Beach Main Office. Love joined the bank in June 2008, serving as vice president and retail business development officer. She began her career with Carolina First (now TD Bank) as a branch manager. Love is a graduate of Coastal Carolina University with a B.S. degree in finance and resides in North Myrtle Beach.

 

Donna SpitzerDonna Spitzer has been promoted to assistant vice president and mortgage loan underwriter. Spitzer joined South Atlantic Bank in June 2012 and has 23 years of business experience, with 13 years as a mortgage underwriter/ processor. A native of Maryland, she has lived in Pawleys Island for 14 years.

 

South Atlantic Bank Tops Fundraising Totals for the Grand Strand Miracle Leagues

 South Atlantic Bank officials Wayne Wicker, chairman of the board and chief executive officer (far right#, and Dick Burch, executive vice president and chief financial officer #right#, present a check for the fundraising proceeds to Tory Mackey, executive director of the Grand Strand Miracle Leagues #far left#, and James Carson Benton, Jr., chairman of the Grand Strand Miracle Leagues' board of directors #left#. The check was presented at the fall opener on September 5. 

Myrtle Beach, South Carolina, September 12, 2013 – In a series of special events in recent weeks, South Atlantic Bank raised $3,165 for the Grand Strand Miracle Leagues Proceeds from the fundraisers were presented to Grand Strand Miracle Leagues officials at the fall opener on September 5.

To raise funds, the bank held three public events – “Wash Your Windshield Friday” and “Hot Dog Friday.” During the two “Wash Your Windshield Friday” events, bank employees washed the windshields of customers’ cars in the drive-through for a donation to the Miracle Leagues. On “Hot Dog Friday,” visitors to the bank received a grilled hot dog lunch for a donation to the Miracle Leagues. Monetary donations were also accepted at the bank’s offices in Myrtle Beach, Murrells Inlet, and Pawleys Island. In addition, employees participated in an internal raffle for a day off with pay, and other prizes. The bank then matched the contributions up to $500 and presented the check on behalf of its customers and the community. This year’s total marked the best yet fundraising effort for the bank, which is in its fifth year of sponsorship with the Miracle Leagues.

The Miracle Leagues are dedicated to providing special needs children and adults the opportunity to play baseball and other sports. The baseball field is designed to be 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 Leagues, visit gsmiracleleagues.com or call 843.448.7712.

South Atlantic Bank Announces Fund Drive to Support Miracle League Events Scheduled at Myrtle Beach and Murrells Inlet Offices

Myrtle Beach, South Carolina, July 22, 2013 – South Atlantic Bank, a sponsor of the Grand Strand Miracle Leagues Fall Opener, has announced a fund drive in its branches to support this local organization.

From August 1 through September 4, South Atlantic Bank will accept monetary donations at its offices in Myrtle Beach, Murrells Inlet, and Pawleys Island. 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 Leagues at their Fall Opener on September 5.

Events and locations are listed below:

Murrells Inlet Office: 

Friday, August 2 will be “Clean Your Windshield Friday” at the bank’s Murrells Inlet office (11019 Tournament Boulevard in Murrells Inlet). Bank employees will be stationed in the bank’s drive-through lanes and will wash your car’s front and rear windows, all while accepting donations for the Grand Strand Miracle Leagues.  The event will run from 8:30 a.m. to 5:30 p.m.

Myrtle Beach Office:

Friday, August 16 will be “Hot Dog Friday” at the bank’s Myrtle Beach office (630 29th Avenue North in Myrtle Beach).  For a donation of $5 or more to the Miracle League, visitors to the South Atlantic Bank tent will receive a grilled hot dog, some popcorn, and a soft drink. All proceeds will benefit the Miracle League.

Friday, August 30 will be “Clean Your Windshield Friday” at the bank’s Myrtle Beach office (630 29th Avenue North in Myrtle Beach).  Bank employees will be stationed in the bank’s drive-through lanes and will wash your car’s front and rear windows, all while accepting donations for the Grand Strand Miracle Leagues.  The event will run from 8:30 a.m. to 5:30 p.m. (Main Office only.)

The Miracle Leagues’ Fall Opener will take place on Thursday evening, September 5 beginning at 6 p.m. with opening ceremonies.  The ball game will begin at 6:15 p.m. and run until 7:30 p.m.  A barbecue dinner will be served beginning at 6:30 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 Leagues organization 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 Leagues, 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, 11019 Tournament Boulevard in Murrells Inlet, or 10593 Ocean Highway in Pawleys Island.  Donors are also invited to sign baseballs for display at the offices and for more information about donating, call 843.839.0100 or visit SouthAtlanticBank.com.
 

South Atlantic Bank Reports Mid-Year and Quarterly Earnings

Myrtle Beach, South Carolina, July 23, 2013 – South Atlantic Bancshares, Inc., parent of South Atlantic Bank, today reported pre-tax net income of $1,409,928 for the six months ended June 30, 2013, an increase of 63.4% when compared to the $862,848 reported pre-tax for the same period a year ago. Pre-tax net income for the three months ended June 30, 2013 was $802,398, an increase of 99.7% when compared to the $401,829 reported for the same period a year ago. Income net of taxes for the six months ended June 30, 2013 was $864,499 or $0.28 per diluted share, and for the three months ended June 30, 2013, was $495,324 or $0.17 per diluted share.

The second quarter of 2013 marked the bank’s tenth consecutive quarterly profit. Having completed its second consecutive year of profitability at December 31, 2012, the bank became fully taxable beginning in 2013.

“Our continued profitability comes during a period of robust growth for the bank,” said K. Wayne Wicker, South Atlantic Bank’s chairman and chief executive officer. “During the second quarter, we achieved strong growth in loans and deposits, while planning to open an office in Georgetown later this summer pending regulatory approval, and expanding our product menu to include South Atlantic Bank goMobile, our new mobile banking app,” he said.

Total loans grew 18.7% during the first six months of 2013, from $170.8 million at June 30, 2012 to $202.7 million at June 30, 2013. Total deposits grew 19.7%, from $251.9 million at June 30, 2012 to $301.4 million at June 30, 2013.

South Atlantic Bank’s credit quality remains strong with net charge-offs to total average assets of 0.16% for the six months ended June 30, 2013. The bank’s capital ratios continue to exceed regulatory requirements. Total assets grew 18.0%, from $276.4 million at June 30, 2012, to $326.2 million at June 30, 2013.

“At South Atlantic Bank, we have differentiated ourselves in the marketplace by offering the high tech products usually found only at much larger banks, along with the customized, personal service that only a community bank can deliver. The combination of high caliber service and products contributes directly to our financial success,” Wicker stated.

Click Here for Financial Data

Susie Barnhill Joins South Atlantic Bank

Susie BarnhillMyrtle Beach, South Carolina, July 8, 2013 –Susie Barnhill has joined South Atlantic Bank as a teller at its Main Office located on the corner of 29th Avenue North and Grissom Parkway.

Barnhill has 28 years of business and teller experience and worked as a teller for two local community banks for the past 16 years. A lifelong resident of Aynor, she is a graduate of Aynor High School and attended the Aynor-Conway Career Center.

 

 

 

Eighth Consecutive 5-Star Rating for South Atlantic Bank

5-Star Rating June 2013

Myrtle Beach, South Carolina, June 25, 2013 – BauerFinancial, Inc. the nation’s leading independent bank rating firm, has awarded South Atlantic Bank its eighth consecutive 5-Star Superior rating. The bank’s string of 5-Star ratings dates back to June 30, 2011.

South Atlantic Bank’s most recent 5-Star rating was awarded for the first quarter of 2013. Banks can achieve ratings of zero through five stars, with five being the strongest. South Atlantic Bank was one of just 26 banks in the state and the only Grand Strand-based bank to earn 5 stars.

“Our 5-Star rating is an outstanding achievement and a credit to the strength of our bank and our employees,” said South Atlantic Bank chairman of the board and chief executive officer K. Wayne Wicker. “It confirms that our commitment to credit quality, sound banking practices, and exemplary customer service has resulted in superior safety and security for our customers and our community.”

BauerFinancial is a leading bank rating firm based in Coral Gables, Florida that has been reporting on the financial industry since 1983.The firm compiles its ratings after a complex analysis of financial criteria including capitalization, asset quality, profitability, liquidity, and risk, based on information that financial institutions report to the federal government quarterly. No bank pays to be rated, nor can financial institutions avoid being rated. Consumers may obtain star-ratings by visiting BauerFinancial.com.

South Atlantic Bank Promotes Mandy Edge

Mandy Edge

Myrtle Beach, South Carolina, June 18, 2013 – South Atlantic Bank has announced that Mandy Edge has been promoted to customer service representative at the bank’s Main Office at the corner of 29th Avenue North and Grissom Parkway. As a customer service representative, she will be responsible for opening new accounts and assisting customers with their financial needs.

Edge joined South Atlantic Bank as a teller in January 2012. A native of Little River, South Carolina, she is a graduate of the University of South Carolina, where she earned a bachelor of music degree with an emphasis in jazz studies. Edge resides with her husband in Little River.

Debbie Atkins Joins South Atlantic Bank

Myrtle Beach, South Carolina, June 11, 2013 – South Atlantic Bank has announced the appointment of Debbie Atkins as assistant vice president and loan administration specialist at the bank’s Main Office at the corner of 29th Avenue North and Grissom Parkway. In her new role, Atkins will assist loan servicing and provide back-up support to the loan processing area of the bank. She will also work on implementation of new processes and special projects.

A veteran banker with more than 30 years of experience, Atkins most recently served StellarOne Bank in Christiansburg, Virginia as director of loan operations. She is a graduate of New River Community College in Dublin, Virginia and completed the Virginia Bankers Association School of Bank Management held at the University of Virginia. A native of Christiansburg, Virginia, she now resides in Myrtle Beach.

Siau and Morgan Join South Atlantic Bank

Myrtle Beach, South Carolina, June 4, 2013 – South Atlantic Bank has announced the appointment of two veteran Georgetown bankers to its staff. Danny Siau and Yvette Morgan will establish the bank's presence in the Georgetown market from a new loan production office 1187 North Fraser Street. Siau will serve as senior vice president and Georgetown city executive. Morgan will serve as assistant vice president and loan specialist. South Atlantic Bank plans to open a full-service branch at the Fraser Street location later this summer, pending regulatory approval.

Danny Siau

Siau began his 25-year banking career with C & S Bank (now Bank of America) as a branch manager in 1988. In 1992, he was named the market manager for Anchor's Bank's Georgetown office, serving there until he joined Carolina First Bank (now TD Bank) in 1997. He most recently served as a senior vice president and city executive for TD Bank.

A native of Georgetown, Siau is a graduate of the University of South Carolina with a B.S degree in business management. In the community, he is a member of the Georgetown Lunch Rotary Club and the Winyah Indigo Society. He is a past chairman of Ducks Unlimited and the Georgetown County Chamber of Commerce. Siau resides with his family in Georgetown.

 

 

Yvette Morgan

Morgan worked as a legal secretary with the McNair Law Firm for three years before joining Carolina First Bank (now TD Bank) in 1990. She advanced through the ranks and most recently served as a commercial sales associate in Georgetown. Morgan attended Furman University in Greenville, South Carolina and is a graduate of Horry-Georgetown Technical College. A native of Sumter, she has resided in Georgetown with her family for the past 29 years.

South Atlantic Bank Announces Entrance into Georgetown

Myrtle Beach, South Carolina, May 21, 2013 – South Atlantic Bank today announced that it will open a loan production office at 1187 North Fraser Street in Georgetown, with plans for a full-service branch later this summer, pending regulatory approval. Danny Siau and Yvette Morgan, both career bankers with more than 45 years of combined experience in Georgetown, will lead the South Atlantic Bank team in this market. Siau will serve as senior vice president and Georgetown city executive. Morgan will serve as assistant vice president and loan specialist.

South Atlantic Bank has filed applications with the FDIC and the South Carolina State Board of Financial Institutions to open a full-service branch office and anticipates operations to begin within 90 days of the date of regulatory approval.

In making the announcement, South Atlantic Bank chairman of the board and chief executive officer Wayne Wicker said, “We are pleased to have the opportunity to serve the residents and businesses of Georgetown. We are equally as pleased to welcome veteran bankers Danny Siau and Yvette Morgan to our team. Danny and Yvette are a good fit for our bank because they understand our community banking philosophy and the importance of strong credit quality, sound banking practices, and exemplary customer service.”

R. Scott Plyler, president, said, “We are looking forward to our expansion to Georgetown. Customers there will find that South Atlantic Bank provides all the high tech products offered by much larger banks, along with the customized, personal service that only a community bank can offer.”

The loan production office will be South Atlantic Bank’s second location in Georgetown County and fourth overall. The bank opened a full service branch at 10593 Ocean Highway in Pawleys Island in June 2012. In addition to its Myrtle Beach headquarters, the bank also operates a branch at 11019 Tournament Boulevard in Murrells Inlet.

Danny Siau most recently served TD Bank as vice president and senior commercial lender. Yvette Morgan served there as a loan assistant, providing commercial customer support.

South Atlantic Bank Honors Eight in Art Program

South Atlantic Bank Honors 8 in Art Program
Student Artists:  The winners in South Atlantic Bank's Art Contest smile for the photographer. From left to right are: Jaheem Aliou, Miss Trupiano (art teacher), Darrion Rackley, Juelz Dickerson, Nora Hurt, Daniela Noriega-Cortez, Adrianna Marshall, Amya Sione, and Jasmine Aguirre. South Atlantic Bank Honors 8 in Art Program - Check Presentation
Check Presentation:  South Atlantic Bank presented art teacher Janet Trupiano with a grant for art department programs. From left to right are: Miss Trupiano, art teacher; Mary Jo Rogers, senior vice president, senior lender, and Myrtle Beach regional manager; and Anne Cote, vice president and Main Office branch manager.

Myrtle Beach, South Carolina, April 29, 2013 – South Atlantic Bank recognized eight Myrtle Beach Elementary School students for artistic excellence during a reception held at the school on Thursday, April 25.

The students were honored for their depictions of the bank based on tours they had taken earlier this year.  During the tours, nearly 700 Myrtle Beach Elementary School students saw banking in action at the bank’s main office at 630 29th Avenue North in Myrtle Beach. After the tours, all the students drew pictures of their experiences at the bank. Bank employees then voted on their favorite works of art with eight students receiving a cash award for their work. In addition to the student awards, Janet Trupiano, the Myrtle Beach Elementary School art teacher, received a grant from the bank for future art projects. The winners are:

Grade 2
1st Place:  Adrianna Marshall
2nd Place:  Juelz Dickerson
3rd Place:  Daniela Noriega-Cortez
Honorable Mention:  Jaheem Aliou

Grade 3
1st Place:  Amya Stone
2nd Place:  Nora Hurt
3rd Place:  Darrion Rackley
Honorable Mention:  Jasmine Aguirre

South Atlantic Bank Announces Text Message Alerts for Debit Card

Myrtle Beach, South Carolina, May 16, 2013 – Due to their convenience, debit cards are the payment method of choice for many consumers for bills or purchases. Unfortunately, their popularity also makes them a favorite target of thieves, who use a variety of methods to steal information from the cards.

Now South Atlantic Bank is deploying another new weapon to help deter fraud. It’s a text messaging system called smsGuardian from Jack Henry and Associates, Inc. (JHA), a leading provider of core information processing solutions for community banks. “SMS” stands for “short message service” and it gives cardholders the ability to receive and respond to cell phone text message alerts regarding their debit card activity. This two-way communication can help deter fraud as it happens.

Here’s how the system works. If a transaction meets certain pre-determined characteristics, it will trigger a text message. The cardholder can review the message and has up to 12 hours to respond. After 12 hours, the text message will expire and the transaction is considered legitimate. If the cardholder made the transaction in question, there is nothing he or she needs to do. However, if the cardholder did not make the transaction, he or she must reply to the text message as directed. A fraud case is then opened and the card is blocked from further transactions.

The following types of transactions will trigger a text message: 1) international or out-of-state purchases, 2) fuel purchases, 3) purchases of more than $100, 4) 3 or more transactions in 24 hours, 4) on-line or phone transactions, and 5) declined authorizations.

Customers can enroll up to 10 devices to receive the messages and can also set a “Do-Not-Disturb” window for time periods in which they do not wish to receive messages. There is a nominal monthly fee for the service. South Atlantic Bank also uses the “jhaPassport,” a fraud solution that uses an intelligent risk management system to monitor, detect and prevent on-going debit card fraud.

R. Scott Plyler, president of South Atlantic Bank, said, “We are committed to providing our customers with banking services that offer the latest in security and technology. This new service adds a layer of extra security to our debit card and is an excellent way for customers to keep tabs on their card activity.”

South Atlantic Bank Reports First Quarter Earnings

Myrtle Beach, South Carolina, April 23, 2013 – South Atlantic Bancshares, Inc., parent of South Atlantic Bank, today reported pre-tax net income of $607,530 for the three months ended March 31, 2013, an increase of 31.4% when compared to the $462,353 reported pre-tax for the same period a year ago. Income net of taxes for the three months ended March 31, 2013 was $369,175 or $0.12 per diluted share. Having completed its second consecutive year of profitability at December 31, 2012, the bank became fully taxable beginning in 2013.

The first quarter of 2013 marked the bank’s ninth consecutive profitable quarter,” said K. Wayne Wicker, chief executive officer and chairman. “Overall balance sheet growth and steady performance from lines of business including mortgage and merchant services, along with expense control, led to our strong showing during the quarter,” he said.

Our three banking locations, including our newest office in Pawleys Island, continue to perform well,” Wicker said. “We continue to gain new customers and expand existing customer relationships by providing exemplary customer service along with a robust product menu that meets loan and deposit needs in our community.”

Banks throughout the country, including South Atlantic Bank, continue to experience pressure on their net interest margins. The sustained low interest rate environment, when combined with weak loan demand, higher than normal liquidity levels, and a higher percentage of earning assets in the bond portfolio, is causing compression in the net interest margin. South Atlantic Bank’s net interest margin as of March 31, 2013 was 3.55% compared to 3.68% as of March 31, 2012.

Total loans grew 16.5% during the first quarter, from $170.3 million at March 31, 2012 to $198.4 million at March 31, 2013. Total deposits grew 24.8%, from $216.1 million at March 31, 2012 to $269.7 million at March 31, 2013.

South Atlantic Bank’s credit quality remains strong with net charge-offs to total average loans of 0.05% for the three months ended March 31, 2013. The bank’s capital ratios continue to exceed regulatory requirements. Total assets grew 23.4%, from $239.6 million at March 31, 2012, to $295.6 million at March 31, 2013.

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South Atlantic Bank Earns Seventh Consecutive 5 Star Rating!

2013 5 Start Consecutive Rating Myrtle Beach, South Carolina, March 29, 2013 – BauerFinancial, Inc. the nation’s leading independent bank rating firm, has awarded South Atlantic Bank its seventh consecutive 5-Star Superior rating. The bank’s string of 5-Star ratings dates back to June 30, 2011.

South Atlantic Bank’s most recent 5-Star rating was awarded for the fourth quarter of 2012. Banks can achieve ratings of zero through five stars, with five being the strongest. Once again, South Atlantic Bank was the only Grand Strand-based bank to receive this rating.

We are pleased to be recognized once again for our strength, stability, and security,” said South Atlantic Bank chairman of the board and chief executive officer K. Wayne Wicker. “The award is a tribute to our commitment to the founding principles of our bank – credit quality, sound banking practices, and exemplary customer service. These principles guide our day-to-day operations and our adherence to them is a hallmark of our success.”

BauerFinancial is a leading bank rating firm based in Coral Gables, Florida that has been reporting on the financial industry since 1983.The firm compiles its ratings after a complex analysis of financial criteria including capitalization, asset quality, profitability, liquidity, and risk, based on information that financial institutions report to the federal government quarterly. No bank pays to be rated, nor can financial institutions avoid being rated. Consumers may obtain star-ratings by visiting BauerFinancial.com.

Kathy Bougher Joins South Atlantic Bank

Kathy Bougher

Myrtle Beach, South Carolina, April 17, 2013 – South Atlantic Bank has announced that Kathy Bougher has joined the bank as a teller at its Murrells Inlet office at 11019 Tournament Boulevard.

Bougher has seven years of teller experience with local community banks. She attended Catawba College in Salisbury, Noth Carolina. A native of Annapolis, Maryland, Bougher has resided in Pawleys Island for the past eight years.

 

 

Karla Marion Joins South Atlantic Bank

Karla Marion

Myrtle Beach, South Carolina, March 12, 2013 – South Atlantic Bank has announced that Karla Marion has joined the bank as a teller at its Main Office at 630 29th Avenue North in Myrtle Beach.

A native of Myrtle Beach, Marion brings five years of business experience to her post at South Atlantic Bank. She served as a customer advisor for HTC in Murrells Inlet from 2007 to 2011, and was a customer service representative for SouthCoast Community Bank in Charleston from 2011 to 2012. She resides with her family in Myrtle Beach.

 

 

Angela Shultz Joins South Atlantic Bank

Angela Shultz

Myrtle Beach, South Carolina, March 27, 2013 – Angela Shultz has joined South Atlantic Bank as a customer service representative at the bank’s Pawleys Island office, located at 10593 Ocean Highway in Waverly Place. She will have responsibility for opening new accounts and assisting customers with their financial needs.

Shultz is a graduate of Waccamaw High School and attended Coastal Carolina University. A resident of Murrells Inlet, she brings a strong retail background to her new post at South Atlantic Bank. She was a co-owner and operator of Wallpapers by Lynne from 1993 to 2007 and served as a retail sales manager for Harrington Altman Interiors from 2007 to 2012. She most recently was a sales consultant at Primarily Pine in Pawleys Island.

 

South Atlantic Bank Awards Bicycles for Perfect Attendance

Jake Handler presented with new bicycle for perfect attendance by South Atlantic Bank

Lucy Lee presented with new bicycle for perfect attendance by South Atlantic Bank

Myrtle Beach, South Carolina, February 15, 2013 – South Atlantic Bank has presented new bicycles to two students who achieved perfect attendance during the fall term at Seaside Elementary School. Jake Handler and Lucy Lee are the proud recipients of the bicycles.

Beth Selander, principal of Seaside Elementary School, said, “We appreciate South Atlantic Bank’s support of this special program in our school to encourage attendance. It generates excitement and enthusiasm among the students and teachers alike and definitely brightens the day of the winning students.”

Doug Arseneau, senior vice president and director of mortgage loans for South Atlantic Bank, said, “We are proud to partner with Seaside Elementary to provide this program. We’re glad to support the schools in our community as they are teaching the leaders of tomorrow.”

South Atlantic Bank has provided the bicycles to the school since its Murrells Inlet office opened in 2008. Two bicycles are awarded each term, fall and spring.

Sixth Consecutive 5-Star Rating for South Atlantic Bank

South Atlantic Bank earns 5 star ratingMyrtle Beach, South Carolina, January 8, 2013 – South Atlantic Bank is pleased to announce that it has merited a 5-Star Superior rating from BauerFinancial, Inc., for a sixth consecutive quarter, a string which dates back to the second quarter of 2011. The most recent 5-Star rating was awarded for the bank’s financial performance during the third quarter of 2012. The 5-Star rating is the highest rating a bank can receive, and again, South Atlantic Bank was the only Grand Strand-based bank to receive this rating.

South Atlantic Bank chairman of the board and chief executive officer K. Wayne Wicker stated, “We are proud to be recognized by BauerFinancial as one of the strongest banks in our community and the nation. The prestigious 5-star rating recognizes our strong commitment to credit quality, sound banking practices, and exemplary customer service. We have achieved seven consecutive quarters of profitability, now operate three banking locations, and play an important role in our community as an employer and good corporate citizen.”

BauerFinancial is a leading bank ratings firm based in Coral Gables, Florida. The firm 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. Consumers may obtain star-ratings by visiting BauerFinancial.com.

South Atlantic Bank Announces Record Earnings for 2012

Myrtle Beach, South Carolina, January 22, 2013 – South Atlantic Bancshares, Inc., parent of South Atlantic Bank, today announced net income of $2,562,107 or $0.85 per diluted share for the year ended December 31, 2012. These figures mark the bank’s second consecutive year of profitability, and represent a 121.75% improvement in earnings reported for the same period a year ago.

Net income for the three months ended December 31, 2012 was $930,072 or $0.31 per diluted share, representing the bank’s eighth consecutive quarterly profit.

“In 2012, the bank marked its fifth anniversary year with record performance and strong growth,” said chairman of the board and chief executive officer K. Wayne Wicker. “Our established offices in Myrtle Beach and Murrells Inlet continued to perform well and we also successfully launched a new office in the Pawleys Island market. Our financial performance continues to be recognized with accolades nationally, regionally, and locally. We have been designated a 5-Star bank by independent bank rating firm BauerFinancial, Inc. for six consecutive quarters, have been named a “Roaring Twenties” winner by SCBiz News, and received a Community Service Award from the Myrtle Beach Area Chamber of Commerce at its annual meeting,” Wicker said.

The bank’s net interest margin improved to 3.88% for the year ended December 31, 2012, up from the 3.40% 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.

Total deposits grew 30.9%, from $198.1 million reported at December 31, 2011, to $259.3 million at December 31, 2012. Total loans grew 12.0% during 2012, from $169.6 million at December 31, 2011 compared to $190.0 million at December 31, 2012.

Total assets grew 24.1%, from $229.7 million at December 31, 2011, to $285.0 million at December 31, 2012, and the bank’s capital ratios continue to exceed regulatory requirements. Credit quality, an important barometer of a bank’s financial health, has always been a primary focus at South Atlantic Bank. The bank’s ratio of net charge-offs to average total assets was 0.53% at December 31, 2012, which compares favorably to state and national averages.

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