CHARLESTON, S.C., May 25, 2023
/PRNewswire/ -- Today, the Board of Directors of Bank of South
Carolina Corporation, (NASDAQ: BKSC) (the "Company") the parent
company for The Bank of South
Carolina, authorized the repurchase of up to $2.0 million of the Company's issued and
outstanding common stock from time to time through May 2026.
This new program replaces the prior stock repurchase program
approved by the Board of Directors on March
26, 2020, which had authorized the Company to purchase up to
$1.0 million of common stock and
expired on March 26, 2021, with an
aggregate of $401,710.55 purchased
through the expiration date.
Fleetwood S. Hassell, President
& CEO of the Bank of South
Carolina, stated, "This stock repurchase program provides us
with additional flexibility to create value for our shareholders.
The strength of our capital position enables us to continue
using a balanced approach to support both growth and capital
distribution in the form of dividends and stock repurchases."
The stock repurchases under the new program may be open market
or private purchases, negotiated transactions, block purchases, or
otherwise, in accordance with securities laws. The amount and
timing of the stock repurchases will be based on various factors,
such as management's assessment of the Company's liquidity, the
market price of Company common stock compared to management's
assessment of such stock's underlying value, and other applicable
regulatory, legal and accounting factors. The Company has no
obligation to repurchase any shares and may discontinue repurchases
at any time.
About Bank of South Carolina Corporation
Bank of South Carolina Corporation is the holding company of The
Bank of South Carolina (the
"Bank"). The Bank is a South Carolina
state-chartered bank with offices in Charleston, North
Charleston, Summerville,
Mt. Pleasant, James Island, and the West Ashley community
and has been in continuous operation since 1987. Our website
is www.banksc.com. Bank of South Carolina Corporation currently
trades its common stock on the NASDAQ stock market under the symbol
"BKSC".
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SOURCE Bank of South Carolina Corporation