WHITEVILLE, N.C., Nov. 21, 2011 /PRNewswire/ -- Waccamaw
Bankshares, Inc. (NASDAQ: WBNK), the bank holding company for
Waccamaw Bank, announced today that it received a non-compliance
notice from The Nasdaq Stock Market stating that the company is not
in compliance with Nasdaq Listing Rule 5250(c)(1) because the
company has not timely filed its Quarterly Report on Form 10-Q for
the quarter ended September 30 with the Securities and Exchange
Commission. The Company has received similar non-compliance notices
from Nasdaq regarding its annual report on Form 10-K for 2010 and
its quarterly reports on Form 10-Q for the first and second
quarters of 2011.
As disclosed in the company's Form 12b-25, Notification of Late
Filing, filed with the Securities and Exchange Commission on
November 14, the Company has not yet
completed its financial statements for the quarter ended
September 30. Three complex
transactions completed by the Company in 2010 are at the center of
the delay -- the sale of problem loans, purchase of home equity
lines of credit, and a private placement of preferred stock. The
10-K and 10-Q reports cannot be filed with the SEC until the audit
of the Company's financial statements is complete.
About Waccamaw Bankshares, Inc.
Waccamaw Bankshares, Inc., is the holding company for Waccamaw
Bank, a North Carolina-chartered
community bank. We are headquartered in Whiteville, North Carolina. Waccamaw Bank
began operations in Whiteville, North
Carolina on September 2, 1997 and on June 30, 2001
became our wholly owned subsidiary upon completion of our
reorganization into a bank holding company. We conduct all of
our business activities through our banking subsidiary, Waccamaw
Bank. The bank's deposits are insured up to applicable limits by
the FDIC. Our principal executive office is located at 110 North
J.K. Powell Boulevard, Whiteville, North
Carolina 28472 and our telephone number is
(910) 641-0044. Our website is www.waccamawbank.com.
Cautionary Statement Regarding Forward-Looking
Statements
This press release contains forward-looking statements regarding
future events. These statements are only predictions and are
subject to risks and uncertainties that could cause actual events
or results to differ materially. These risks and uncertainties
include risks of managing our growth, substantial changes in
financial markets, regulatory changes, changes in interest rates,
loss of deposits and loan demand to other financial institutions,
and changes in real estate values and the real estate market.
Additional information concerning factors that could cause actual
results to be materially different from those in the
forward-looking statements is contained in the Company's filings
with the Securities and Exchange Commission. Waccamaw Bankshares,
Inc. undertakes no obligation to update or clarify forward-looking
statements, whether as a result of new information, future events
or otherwise.
SOURCE Waccamaw Bankshares, Inc.