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Regulators OK South Atlantic Bancshares-Atlantic Bancshares deal

The Federal Deposit Insurance Corp. and the South Carolina Board of Financial Institutions have approved South Atlantic Bancshares Inc.'s pending acquisition of Atlantic Bancshares Inc.

Federal Reserve approval has already been secured, and Atlantic Bancshares stockholders voted in favor of the deal Feb. 28. The South Carolina-based companies' all-stock transaction was valued at approximately $18.1 million when it was announced in December 2017.

Merger completion is slated for April 2; systems conversion is expected to occur in early June.