South Atlantic Bancshares completes acquisition

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South Atlantic Bancshares Inc., parent of South Atlantic Bank, has closed its acquisition of Atlantic Bancshares Inc., parent of Atlantic Community Bank, in a transaction valued at $17.5 million.

The combined company now has assets exceeding $600 million and nine offices serving coastal South Carolina. Atlantic Bancshares had assets of approximately $85 million.

The acquisition expands South Atlantic’s reach into Bluffton and Hilton Head Island.

Bob McKinney, former president and CEO of Atlantic Community Bank, will be the regional executive for the Bluffton/Hilton Head region. Atlantic Bancshares board member Edgar Woods has been appointed to the South Atlantic board of directors.

“We are pleased to welcome the Atlantic Bancshares employees, customers and shareholders to South Atlantic Bank,” South Atlantic chairman and CEO K. Wayne Wicker said in a news release. “I am proud of the joint effort in bringing this merger to completion. The opportunity to expand our presence and partner with a company that shares our commitment to customer service and the community positions us well for continued growth."

At the closing, effective April 2, Atlantic Bancshares shareholders holding Atlantic Bancshares common stock and Atlantic Bancshares Series AAA preferred stock received 0.2452 shares of South Atlantic common stock for each share exchanged.