South Atlantic Bancshares, Inc. is a bank holding company. The Company’s 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, loans and lines of credit, certificate of deposit, and others. Its mortgage products include mortgage loans, fixed-rate mortgages, adjustable-rate mortgages, and others.