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South Atlantic Bancshares raises $20M in capital

South Atlantic Bancshares Inc., the parent of South Atlantic Bank, raised aggregate gross proceeds of $20 million through the issuance of its common stock to various investors.

The capital raise will support the continued growth and expansion of the Myrtle Beach, S.C.-based bank, South Atlantic Bancshares Chairman and CEO K. Wayne Wicker said in a news release.

FIG Partners LLC was the company's financial adviser in raising the capital. Hunton & Williams LLP served as legal counsel to South Atlantic Bancshares.