MT. PLEASANT, S.C., May 4, 2007 (PRIME NEWSWIRE) -- Southcoast Financial Corporation (Nasdaq:SOCB) announced today a 10% stock dividend payable to all shareholders of record as of June 1, 2007. The dividend will be distributed June 22, 2007. Chairman and Chief Executive Officer, L. Wayne Pearson said, "Southcoast Financial Corporation has approved this dividend as a way to increase the number of Southcoast Financial Corporation's shares available for trading. This dividend represents the eighth 10% dividend issued in the Company's short nine-year history. There was an additional 5% dividend paid in 2003 in celebration of the Company's fifth anniversary."
Southcoast Financial Corporation, headquartered in Mt. Pleasant, South Carolina, is the holding company of Southcoast Community Bank. The Bank, which opened for business July 20, 1998, is a state-chartered commercial bank operating from its main office at 530 Johnnie Dodds Boulevard in Mt. Pleasant, South Carolina. Trading in Southcoast Financial Corporation's common stock is on NASDAQ Global Market and is reported under the symbol SOCB.