The US Bankruptcy Court gave an order approving the sale of certain assets of Nexity Financial Corp. on February 14, 2014. The Trustee of the debtor has been authorized to sell certain shares of common stock of South Atlantic Bancshares, Inc. to South Atlantic Bank 401(k) Employee Stock Ownership Plan for a purchase price of $0.09 million in cash pursuant to the asset purchase agreement dated January 2, 2014.

The debtor's assets include 9,419 shares of common stock of South Atlantic Bancshares, Inc.