South Atlantic Bank to Acquire Eastover Capital Management

South Atlantic Bank agreed to acquire Eastover Capital Management, which managed approximately $430 million in assets as of September 30, 2026. The transaction takes the bank into wealth management services.

South Atlantic's announcement describes Eastover Investment Advisors, the registered investment adviser operating as Eastover Capital Management, as a Charlotte, North Carolina-based firm. It provides portfolio-management services to individual and institutional clients, combining equity strategies with investment-grade fixed-income allocations.

Eastover President Will Mackey will continue leading the business after the acquisition closes. The adviser will operate as a separate division of South Atlantic Bank and expand across the bank's existing geographic footprint, the companies said.

What changes for bank customers?

For bank customers, the practical change is access to Eastover's equity strategies and investment-grade fixed-income allocations alongside the bank's existing services. South Atlantic said the combination gives customers access to a broader range of financial needs.

The organizations already have an established relationship. According to South Atlantic, the bank has been an Eastover client for more than 15 years.

That history makes the transaction an extension of a working client-adviser relationship. Mackey's continued leadership gives Eastover management continuity while South Atlantic gains an established investment operation rather than building one from zero.

R. Scott Plyler, president of South Atlantic, said: “Our two companies have a long history of working together, and we are excited to combine forces to better serve both of our customer bases.”

He added: “By expanding our wealth management capabilities, we are strengthening our ability to serve clients across a broad base of financial needs, while continuing to build diversified and sustainable revenue sources to deliver long term franchise value.”

Will Mackey, president of Eastover Capital Management, said: “The long tenured personal and professional relationship between our two companies, and shared vision to continue to grow Eastover creates a unique opportunity to realize the synergies of this combination.”

Their comments frame the deal as a combination built on existing ties. Plyler tied it to broader client service and revenue diversification; Mackey linked it to Eastover's continued growth.

As of September 30, 2026, South Atlantic Bancshares, the parent of South Atlantic Bank, had approximately $2 billion in total assets. For scale, Eastover's $430 million in managed assets sit against that $2 billion balance sheet, though the figures measure client portfolios and bank assets differently.

Eastover will add managed investment assets to South Atlantic's coastal South Carolina footprint. The adviser's stated expansion plan covers that existing footprint.

South Atlantic Bank operates 12 locations across coastal South Carolina. Its markets include:

• Myrtle Beach
• Charleston
• Hilton Head Island
• Bluffton
• Summerville
• Georgetown
• Surrounding markets

South Atlantic's existing service portfolio includes:

• Consumer and commercial banking
• Mortgages
• Treasury management and deposit products
• Merchant services
• Digital banking

That mix gives Eastover clients a broader set of bank services to draw on after the combination. It also gives South Atlantic a portfolio-management business to pair with its core banking operations.

Closing timetable and advisers

South Atlantic expects the transaction to close during the fourth quarter of 2026, subject to customary closing conditions. South Atlantic's announcement named Hunton Andrews Kurth as legal adviser to both South Atlantic Bancshares and South Atlantic Bank, with Alexander Ricks representing Eastover.

The combination puts Eastover's growth inside a 12-location coastal South Carolina footprint. Whether that reach produces the revenue diversification Plyler has identified as a strategic goal will depend on execution after the expected fourth-quarter 2026 close.