Bank of South Carolina Corporation Declares Dividend and Files $10 Million Shelf Registration
The Board of Directors of Bank of South Carolina Corporation, (NASDAQ: BKSC) the parent company for The Bank of South Carolina, declared a $.10 per share quarterly dividend payable July 29, 2011 to shareholders of record as of July 8, 2011. Hugh C. Lane, Jr., President and Chief Executive Officer of The Bank of South Carolina, stated, "We are pleased to be able to share the success of the Company with our shareholders through our quarterly dividends."
Bank of South Carolina Corporation announced today that it has filed with the Securities and Exchange Commission a shelf registration statement on Form S-3 providing for the offer and sale from time to time over a three year period, in one or more public offerings, up to $10 million in common stock or debt securities. Specific terms and prices will be determined at the time of each offering under a separate prospectus supplement, which will be filed with the SEC at the time of the offering. The registration statement is subject to review by the SEC. The filing of the shelf registration does not require the Company to issue securities. "Although we have no current commitments to sell additional stock or securities, the shelf registration will provide the Company with a source of additional capital and additional flexibility to move quickly should the right opportunity for expansion become available," said Mr. Lane.
The registration statement has been filed with the SEC, but has not yet become effective. Any offers, solicitations of offers to buy, or sales of these securities will only be made once the shelf registration statement has been declared effective by the SEC, including any prospectuses and prospectus supplements. These securities may not be sold, nor may offers to buy be accepted prior to the time that the registration statement becomes effective. This press release is not an offer to sell the securities covered by the shelf registration statement and it is not soliciting an offer to buy those securities in any state where the offer or sale is not permitted.
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