By Ashley Barker
Published Aug. 20, 2014
Myrtle Beach-based South Atlantic Bank has opened a full-service branch office in Mount Pleasant, according to a news release.
The bank’s fifth branch and first in the Lowcountry is located at 1127 Queensborough Blvd. The company opened a loan production office at the same location in October.
“The expansion to Mount Pleasant and Charleston is a natural extension of our bank’s coastal South Carolina footprint, reaching from Myrtle Beach to the south,” CEO K. Wayne Wicker said in a statement.
Ken Pickens will be based at the new office as senior vice president and regional executive, along with Brian Michel and Kurt Seguer, who will both work as vice presidents and commercial loan officers. Also at the office will be Peter Insabella, vice president and mortgage loan officer; Christy Chumney, assistant vice president and loan assistant; and Cari Henderson, assistant vice president and retail business development officer.
The bank, which was founded in November 2007, has additional full-service branches in Murrells Inlet, Pawleys Island and Georgetown. A new office is being built in Pawleys Island, and the current branch there is expected to move in late fall, the release said.
South Atlantic Bancshares Inc., the parent company of South Atlantic Bank, reported its second-quarter earnings as well, including a net income of $504,495 or 16 cents per diluted share for the quarter that ended June 30. That was an increase of 34.4% when compared to the $374,663 net income that was reported at the end of March.
The second quarter of 2014 marked the bank’s 14th consecutive quarterly profit, according to a news release.
“Our second-quarter performance is attributed to improving economic conditions in the markets we serve and the bank’s overall growth,” Wicker said. “Our new locations in Mount Pleasant and Georgetown, along with an expanded mortgage department, are now making significant contributions to our financial performance in just nine months of operations.”
From June 30, 2013, to June 30, 2014, total loans grew 21% from about $203 million to more than $245 million, the release said. Deposits increased 8% from $301 million to $326 million in the same time frame, and assets increased 8.3% to roughly $353 million.
Reach staff writer Ashley Barker at 843-849-3144 or @AshleyNBarker on Twitter.