News Releases

September 17, 2021 SOUTHERN BANCSHARES (N.C.), INC. SEEKS REGULATORY APPROVALS TO INCREASE ITS INVESTMENT IN OLD POINT FINANCIAL CORPORATION
NEWS RELEASE
For Immediate Release
September 17, 2021

Contact: David L. Sauls, Jr.
Southern BancShares (N.C.), Inc.
919.658.7013

 

MOUNT OLIVE, N.C.– Southern BancShares (N.C.), Inc. (the “Company” or “Southern”) (OTC Pink: SBNC), the holding company for Southern Bank and Trust Company, announced today that it has filed applications with the Federal Reserve Board of Richmond and the Virginia Bureau of Financial Institutions to increase its ownership interest in the common shares of Old Point Financial Corporation (“Old Point”) (NASDAQCM: OPOF). The Company and its affiliates currently own approximately 4.9% of the outstanding common shares of Old Point. The Company is seeking regulatory approval to acquire up to 19.9% of Old Point’s common shares.

For several decades Southern has invested in the common stock of other financial institutions and believes its investment in Old Point is a sound allocation of its assets. Old Point, founded in 1923, serves the Hampton Roads and Richmond regions of eastern Virginia. The Company views Old Point’s long standing franchise in these growth markets and solid management team as a foundation for an attractive long-term return to its common shareholders.

Southern’s investment in Old Point is passive and it has no plans to influence or impede the management, operations, or policies of Old Point. Southern has no current plans to seek representation on Old Point’s Board of Directors and has not entered into voting or other agreements with any other party as it relates to the common shares of Old Point.

 

About Southern BancShares (N.C.), Inc.

The Company, headquartered in Mount Olive, North Carolina and with consolidated assets of $4.3 billion, is the holding company for Southern Bank and Trust Company, which was founded in 1901 and maintains 59 branches located in eastern North Carolina and southeastern Virginia.  

June 23, 2021, SOUTHERN BANCSHARES (N.C.), INC. ANNOUNCES COMPLETION OF $80 MILLION SUBORDINATED DEBT OFFERING
NEWS RELEASE
For Immediate Release
June 23, 2021

Contact: Dan R. Ellis, Jr
Southern BancShares (N.C.), Inc.
919.658.7082

 

MOUNT OLIVE, N.C.–(PR NEWS WIRE)—Southern BancShares (N.C.), Inc. (the “Company”) (OTC Pink: SBNC), the holding company for Southern Bank and Trust Company (the “Bank”), announced today that it has completed the private placement of $80 million of 3.125% Fixed-to-Floating Rate Subordinated Notes due 2031 (the “Notes”) to qualified institutional buyers and accredited investors. Until June 30, 2026, the Notes will bear interest at a fixed annual rate of 3.125%, payable semi-annually in arrears. Thereafter, the Notes will bear interest at a floating rate equal to the three-month term SOFR plus 241 basis points, payable quarterly in arrears.

The Notes are structured to qualify as Tier 2 capital for regulatory purposes. The Company intends to use the net proceeds of the offering for general corporate purposes. The Company may redeem the Notes in whole or in part, beginning on June 30, 2026, at a redemption price equal to 100% of the principal amount of the Notes redeemed, plus accrued and unpaid interest. Note holders have no redemption rights.

Raymond James & Associates, Inc. served as the exclusive placement agent for the Notes offering. Ward and Smith, P.A. served as legal counsel to the Company and Wyrick Robbins Yates & Ponton LLP served as legal counsel to the placement agent.

This press release is for informational purposes only and shall not constitute an offer to sell or the solicitation of an offer to buy any securities. The notes offered and sold in the private placement have not been registered under the Securities Act of 1933, as amended (the “Securities Act”), or any state securities laws, and may not be offered or sold in the United States absent registration, or an applicable exemption from registration under the Securities Act and applicable state securities laws.  The indebtedness evidenced by the notes are not deposits and are not insured by the Federal Deposit Insurance Corporation or any other government agency or fund.

About Southern BancShares (N.C.), Inc.

The Company is headquartered in Mount Olive, North Carolina and is the holding company for the Bank, which was founded in 1901 and maintains 59 branches located in eastern North Carolina and southeastern Virginia.