MYRTLE BEACH, S.C., April 26, 2019 /PRNewswire/ -- South Atlantic Bancshares, Inc. (the "Company") (OTCQX:SABK) announced today the election of directors of the Company at the Company's 2019 annual meeting of shareholders, held on April 23, 2019 at South Atlantic Bank, 630 29th Avenue North, Myrtle Beach, South Carolina 29577.
Election of Directors
At the 2019 annual meeting, the Company's shareholders elected as directors the five nominees to Class III of the Company's board of directors: K. Wayne Wicker, Miles N. Herring, Martha S. Lewis, Michael C. Tawes, Sr. and Edgar L. Woods. The Company's Class III directors elected at the 2019 annual meeting of shareholders will serve for a three-year term to expire at the 2022 annual meeting of shareholders or until their respective successors have been elected and qualified.
Amendments to Company's Bylaws
The Company has also announced that the Company's board of directors have approved and adopted amended and restated bylaws of the Company, effective April 23, 2019. The Company's bylaws were amended to provide for procedures for shareholders holding the requisite percentage of shares to call a special meeting, clarify who may call a special meeting, provide details on how to submit a special meeting request, designate who may preside over meetings of shareholders, and to authorize rules of conduct for shareholder meetings. The amendments to the Company's bylaws also clarify that directors are elected by plurality vote, allows shareholders to act without meeting and without prior notice by unanimous written consent, and provides that the Company's board of directors may only increase or decrease the number of directors by thirty percent (30%) or less. Additionally, the bylaws were amended to provide greater detail regarding nominations to the Company's board of directors and the ability of the board of directors to establish qualifications for directors. The bylaws were also amended to reflect the Company's current articles of incorporation, which state that the Company has elected not to be governed by the South Carolina Share Acquisitions Statute. Finally, the bylaws were amended to require that certain shareholder litigation be brought in a court in the Federal District Court for the District of South Carolina, Florence Division, or, if such court lacks jurisdiction, then a court in Horry County, South Carolina.
In addition to the amendments described above, the Company's board of directors also approved other ministerial and non-substantive changes to the Company's bylaws in accordance with South Carolina law.
About South Atlantic Bancshares, Inc.
South Atlantic Bancshares, Inc., (OTCQX: SABK) is a registered bank holding company based in Myrtle Beach, South Carolina with $685 million in assets. The Company's banking subsidiary, South Atlantic Bank, is a full service financial institution spanning the entire coastal area of South Carolina, and is locally owned, controlled, and operated. The bank operates nine offices in Myrtle Beach, North Myrtle Beach, Murrells Inlet, Pawleys Island, Georgetown, Mount Pleasant, Charleston, Hilton Head Island, and Bluffton, South Carolina. South Atlantic Bank specializes in providing personalized community banking services to individuals, small businesses and corporations. Services include a full range of consumer and commercial banking products, including mortgage, and treasury management, including South Atlantic Bank goMobile, its mobile banking app. The bank also offers online banking, checking, CD, and money market accounts, merchant services, mortgage loans, remote deposit capture, and more. Recruiting the best people, delivering exceptional client service, strategic branching and a disciplined approach to lending have contributed to South Atlantic Bank's success. For more information, visit www.southatlantic.bank
Cautionary Statement Regarding Forward-Looking Statements
This press release contains, among other things, certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, without limitation, statements preceded by, followed by, or that include the words "may," "could," "should," "would," "believe," "anticipate," "estimate," "expect," "intend," "plan," "projects," "outlook" or other similar terms or expressions. These statements are based upon the current beliefs and expectations of the Company's management team and are subject to significant risks and uncertainties that are subject to change based on various factors (many of which are beyond the Company's control). Although the Company believes that the assumptions underlying the forward-looking statements are reasonable, any of the assumptions could prove to be inaccurate. Therefore, the Company can give no assurance that the results contemplated in the forward-looking statements will be realized. The inclusion of this forward-looking information should not be construed as a representation by the Company or any person that the future events, plans, or expectations contemplated by the Company will be achieved. All subsequent written and oral forward-looking statements attributable to the Company or any person acting on its behalf are expressly qualified in their entirety by the cautionary statements above. The Company does not undertake any obligation to update any forward-looking statement to reflect circumstances or events that occur after the date the forward-looking statements are made, except as required by law.
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SOURCE South Atlantic Bancshares, Inc.