South Atlantic Bank and TARP

Myrtle Beach, SC (December 2008) – South Atlantic Bank will not be accepting any of the Troubled Assets Recovery Program monies or TARP as it is commonly known as.  

“We are financially solid with a great board, shareholders and employees that make the difference in how successful we are,” states  Wayne Wicker, CEO of South Atlantic Bank. “We wanted to let the people along the Grand Strand know that we are financially sound and are well capitalized, so we will not be accepting any form of relief because there is actually no need to.”

Formed in November of 2007, South Atlantic Bank has been growing with a steady increase in deposits each month balanced with a good mixture of loans and assets. The current market trend does not seem to be affecting their portfolio and this is due to a combination of good decision making along with hiring the right mix of people. With a mobile unit slated to open in December of 2008 in Murrells Inlet, South Atlantic Bank shows no signs of slowing down.

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