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South Atlantic Bancshares to Acquire Atlantic Bancshares in Deal Valued at USD 18m.

M2 EQUITYBITES-December 15, 2017-South Atlantic Bancshares to Acquire Atlantic Bancshares in Deal Valued at USD 18m

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15 December 2017 - South Carolina, US-based South Atlantic Bancshares, Inc. (OTCQX: SABK) has agreed to acquire Atlantic Bancshares, Inc. (OTC: ATBA) in a deal valued at USD 18.1m, the company said.

Under the merger agreement, Atlantic Bancshares shareholders holding Atlantic Bancshares common stock and Atlantic Bancshares series AAA preferred stock will receive 0.2452 shares of South Atlantic common stock for each share exchanged. South Atlantic Bank, the subsidiary bank of South Atlantic Bancshares, Inc. (OTCQX: SABK), is a USD 525m financial institution.

The transaction value is based on the closing price of South Atlantic common stock on December 8. The transaction is expected to close by April 30, 2018, and is subject to customary closing conditions, including approval from Atlantic Bancshares' shareholders and bank regulatory authorities.

After the merger is completed, the combined company will operate under the South Atlantic Bank brand, with nine offices serving coastal South Carolina's most desirable markets, and have assets in excess of USD 600m.

Based on September 30, 2017 financials, the combined company will have total loans of USD 488m and total deposits of USD 541m.

South Atlantic said the addition of Atlantic Community Bank's offices in Bluffton and Hilton Head, South Carolina are a natural extension of South Atlantic Bank's geographic footprint, which will span 330 miles of the South Carolina coast after the merger is completed.

Atlantic Community Bank is the subsidiary bank of Atlantic Bancshares, Inc. (OTCPink: ATBA), and is a USD 92m financial institution.

FIG Partners, LLC served as financial advisor to South Atlantic and Hunton and Williams LLP acted as legal counsel for the company.

Banks Streets Partners served as financial advisor to Atlantic Bancshares and Bryan Cave LLP served as legal counsel for the company.

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Publication:M2 EquityBites (EQB)
Geographic Code:1U5SC
Date:Dec 15, 2017
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