South Atlantic Bank cancelled the acquisition of 0.31% stake in South Atlantic Bancshares, Inc. from Nexity Financial Corporation (OTCPK:NXTY.Q).
January 01, 2015
Share
South Atlantic Bank signed an agreement to acquire 0.31% stake in South Atlantic Bancshares, Inc. (OTCPK:SABK) from Nexity Financial Corporation (OTCPK:NXTY.Q) for $0.09 million on January 2, 2014. Under the terms of the transaction, South Atlantic Bank will acquire 9419 shares of South Atlantic Bancshares at a price of $9.81 per share. Purchase Price is payable at the closing of the transaction. Post completion of the transaction, Nexity Financial Corporation will continue to own 18,081 shares in South Atlantic Bancshares following the closing of the transaction. The transaction is subject to bankruptcy court approval. As of February 14, 2014, bankruptcy court approved the transaction. Closing of the transaction shall occur on the fifth business day after the sale approval order becomes a final order. Jeoffrey L. Burtch acted as trustee of Nexity Financial Corporation in the transaction. Susan E. Kaufman and M. Claire McCudden of Cooch and Taylor acted as legal advisors for Jeoffrey L. Burtch.
South Atlantic Bank cancelled the acquisition of 0.31% stake in South Atlantic Bancshares, Inc. (OTCPK:SABK) from Nexity Financial Corporation (OTCPK:NXTY.Q) on January 2, 2015.
South Atlantic Bancshares, Inc. is a bank holding company. The Companyâs banking subsidiary is South Atlantic Bank (Bank). The Bank is a state-chartered commercial bank, and its deposits are insured by the Federal Deposit Insurance Corporation. The principal business activity of the Bank is to provide banking services to domestic markets, principally in Horry, Georgetown, Charleston, and Beaufort counties, South Carolina. It offers loans, including commercial, commercial real estate, consumer and consumer real estate loans. Its deposits include noninterest-bearing transaction accounts, interest-bearing transaction accounts, savings and money market accounts and time deposits. Its personal banking includes checking and money market, savings, and loans and lines of credit. Its mortgage products include mortgage loans, fixed-rate mortgages, adjustable-rate mortgages, and others.
SOUTH ATLANTIC BANCSHARES, INC. 
