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MYRTLE BEACH, S.C. - South Atlantic Bancshares, Inc. (OTCQX: SABK) announced Wednesday that its board of directors has authorized a new stock repurchase program for up to 378,613 shares of the company’s common stock. The company, currently valued at $110.74 million, trades at $15.98 per share with a price-to-book ratio of 0.94, according to InvestingPro data.
The program will run for 12 months with an expiration date of June 11, 2026. Under the program, the company may repurchase shares through various means, including open market purchases and privately negotiated transactions.
The bank holding company indicated that repurchases will be conducted in accordance with Rule 10b-18 under the Securities Exchange Act of 1934 and may be made pursuant to a trading plan under Rule 10b5-1, which would allow shares to be repurchased during blackout periods or other regulatory restrictions.
South Atlantic noted that the timing, manner and amount of repurchases will depend on various factors including stock price performance, market conditions, legal requirements and fund availability. The company emphasized that the program does not obligate it to repurchase any specific number of shares and may be suspended or terminated at any time.
South Atlantic Bancshares is based in Myrtle Beach, South Carolina with approximately $1.9 billion in total assets as of March 31, 2025. Its banking subsidiary, South Atlantic Bank, operates twelve locations across coastal South Carolina. The company maintains a FAIR financial health score according to InvestingPro analysis, with proven profitability over the last twelve months and a P/E ratio of 10.46.
The announcement was made in a press release statement issued by the company.
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