The Trustee of Nexity Financial Corp. filed a motion in the US Bankruptcy Court for the sale of debtor's certain assets on January 16, 2014. The Trustee seeks the Court's approval for the sale of 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.