By Rebecca Melvin
Concord, N.H., Dec. 17 – South Atlantic Bancshares Inc. completed the issue of $30 million private placement of 3.25% fixed-to-floating-rate subordinated notes due 2031, according to a press release.
The company is the parent for South Atlantic Bank.
The notes are structured as tier 2 capital for South Atlantic for regulatory capital purposes.
The interest rate becomes a floating rate starting Dec. 31, 2026, resetting quarterly to SOFR plus 212 basis points.
After Dec. 31, 2026, the notes are callable in whole or in part on any interest payment date.
Performance Trust Capital Partners, LLC served as placement agent for the offering.
Hunton Andrews Kurth LLP served as legal counsel to the company and Fenimore Kay Harrison LLP served as legal counsel to the placement agent.
Proceeds will be used for potential strategic opportunities and general corporate purposes.
The bank holding company is based in Myrtle Beach, S.C.
| Issuer: | South Atlantic Bancshares Inc.
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| Amount: | $30 million
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| Issue: | Fixed-to-floating-rate subordinated notes
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| Maturity: | Dec. 16, 2031
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| Placement agent: | Performance Trust Capital Partners LLC.
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| Counsel to issuer: | Hunton Andrews Kurth LLP
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| Counsel to bookrunners: | Fenimore Kay Harrison LLP
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| Coupon: | 3.25% starting rate until Dec. 31, 2026; after that resets quarterly at SOFR plus 212 bps
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| Call feature: | After Dec. 31, 2026
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| Settlement date: | Dec. 16
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| Distribution: | Private placement
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