NEWS RELEASE For Immediate Release
January 24, 2022
Contact: David L. Sauls, Jr.
Southern BancShares (N.C.), Inc.
MOUNT OLIVE, N.C.—On January 18, 2022, the Board of Directors of Southern BancShares (N.C.), Inc. (the “Company” or “Southern”) (OTC Pink: SBNC), the holding company for Southern Bank and Trust Company, approved a stock repurchase program.
Under the terms of the repurchase program, the Board of Directors approved the repurchase of up to 4,000 shares of the Company’s outstanding shares of common stock. As part of its approval of the repurchase program, the Board of Directors stipulated that the aggregate dollar amount paid during any consecutive twelve-month period to repurchase shares of the Company’s common stock, through open market and privately negotiated transactions, and shares of the Company’s preferred stock, through privately negotiated transactions, shall not equal or exceed 3% of the Company’s consolidated net worth. The term of this repurchase program became effective immediately upon approval by the Board of Directors and shall terminate on March 31, 2023.
The terms of this repurchase program are consistent with repurchase programs the Company has had in place for several decades and serves as a means to provide shareholders with a source of liquidity, while allowing the Company to retire excess capital. As has been the case in prior years, the repurchase of shares will be available to all shareholders on an equitable basis. Actual repurchases will be subject to the availability of shares, general market conditions, the trading price of the stock, alternative uses for capital, and the Company’s overall financial performance.
About Southern BancShares (N.C.), Inc.
The Company, headquartered in Mount Olive, North Carolina and with consolidated assets of $4.6 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.