South Atlantic Bank to Acquire Eastover Investment Advisors LLC

South Atlantic Bancshares, Inc. (OTCQX: SABK), parent of South Atlantic Bank, announced that the bank has entered into an agreement to acquire Eastover Investment Advisors LLC, a registered investment adviser doing business as Eastover Capital Management. The proposed acquisition will further the bank's growth strategy with the addition of wealth management services through Eastover's team of experienced financial professionals.

Commenting on the transaction, South Atlantic President R. Scott Plyler said, "We are thrilled to announce our partnership with the Eastover team. Our two companies have a long history of working together, and we are excited to combine forces to better serve both of our customer bases. By expanding our wealth management capabilities, we are strengthening our ability to serve clients across a broad base of financial needs, while continuing to build diversified and sustainable revenue sources to deliver long term franchise value."

Eastover had assets under management of approximately $430 million as of Sept. 30, 2026. Under Will Mackey's leadership for the last 15 years, Eastover has grown its client base throughout North Carolina and South Carolina. Mackey will continue to lead the Eastover team as it expands throughout the Bank's market areas as a separate division of South Atlantic Bank.

Reflecting on the transaction, Will Mackey, president of Eastover said, "I began my career as a financial adviser working in a community bank, and I can't imagine a better fit for our company than partnering with South Atlantic. South Atlantic has been a client of Eastover for over 15 years, and South Atlantic President Scott Plyler is a life-long friend. The long-tenured personal and professional relationship between our two companies, and shared vision to continue to grow Eastover creates a unique opportunity to realize the synergies of this combination. I could not be more excited about Eastover's long-term future as a result of this partnership."

The proposed transaction is expected to close during the fourth quarter of 2026, subject to the satisfaction of other customary closing conditions. Hunton Andrews Kurth LLP served as legal adviser to the company and the bank, and Alexander Ricks PLLC served as legal adviser to Eastover.