South Atlantic Bancshares in Myrtle Beach, S.C., has agreed to buy Atlantic Bancshares in Bluffton, S.C.

The $525 million-asset South Atlantic said in a press release Wednesday that it will pay $18.1 million in stock for the $92 million-asset Atlantic. The deal is expected to close by April 30.

Atlantic will be the first bank acquisition for South Atlantic.

“The addition of … offices in Bluffton and Hilton Head is a natural extension of South Atlantic Bank’s geographic footprint, which will span 330 miles of the South Carolina coast after the merger is completed,” K. Wayne Wicker, South Atlantic’s chairman and CEO, said in the release.

FIG Partners and Hunton & Williams advised South Atlantic. Banks Streets Partners and Bryan Cave advised Atlantic.

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