SOUTHERN BANCSHARES (N C ) : ANNOUNCES COMMON STOCK REPURCHASE PROGRAM

NEWS RELEASE For Immediate Release
April 1, 2024

Contact: David L. Sauls, Jr
Southern BancShares (N.C.), Inc.
[phone]

MOUNT OLIVE, N.C.-On January 16, 2024, the Board of Directors of Southern BancShares (N.C.), Inc. (the "Company" or "Southern") (OTC Pink: SBNC), the holding company for Southern Bank and Trust Company, approved a new stock repurchase program.

Under the terms of the repurchase program, the Board of Directors approved the repurchase of up to 4,000 shares of the Company's outstanding shares of common stock. As part of its approval of the repurchase program, the Board of Directors stipulated that the aggregate dollar amount paid during any consecutive twelve-month period to repurchase shares of the Company's common stock, through open market and privately negotiated transactions, and shares of the Company's preferred stock, through privately negotiated transactions, shall not equal or exceed 3% of the Company's consolidated net worth. The repurchase program became effective April 1, 2024 and shall terminate on March 31, 2025.

The terms of this repurchase program are consistent with repurchase programs the Company has had in place for several decades. These programs provide shareholders with a source of liquidity, while allowing the Company to retire excess capital. As has been the case in prior years, the Company has no obligation to repurchase any shares and will administer the repurchase program on an equitable basis. Purchase decisions will be made based on the supply of shares, general market conditions, the trading price of the stock, alternative uses for capital, and the Company's overall financial performance.

The previous stock repurchase program, which became effective on April 1, 2023, and terminated on March 31, 2024, resulted in the repurchase of 1,551 shares of common stock with a total cost of $8.2 million, 2,039 shares of series B preferred stock with a total cost of $25,000, and 96 shares of series C preferred stock with a total cost of $1,000.

About Southern BancShares (N.C.), Inc.

The Company, headquartered in Mount Olive, North Carolina, is the holding company for Southern Bank and Trust Company, which was founded in 1901 and maintains 56 branches and 2 loan production offices located in eastern North Carolina and southeastern Virginia. As of December 31, 2023, the Company had consolidated assets of $5.0 billion.