WHITEVILLE, N.C., Aug. 27 /PRNewswire-FirstCall/ -- Waccamaw Bankshares, Inc. , the bank holding company for Waccamaw Bank, announced today the completion of its rights offering of $2.4 million or 1.9 million shares of common stock at $1.25 per share. A public offering which became effective on August 10th is now underway and is anticipated to close prior to September 30th. If the public offering is priced at a different level, the rights offering participants will receive the most favorable pricing. The offering bolsters the capital levels of the Company which have always remained above the levels required to be categorized as "well capitalized" by bank regulatory authorities. Bank regulatory authorities require a minimum risk based capital level of 10% to be regarded as "well capitalized" with Waccamaw Bank's risk based capital standing at 11.26% as of June 30, 2010 on a pro forma basis after the completion of its rights offering. In addition to increasing capital levels, Waccamaw will use the proceeds for general corporate purposes.
Commenting on the completion of the offering, James G. Graham, President and Chief Executive Officer, stated, "While our initial expectations were somewhat greater than the outcome of our rights offering, we are certainly most appreciative of the broad participation from hundreds of our loyal shareholders who continued to express their support in our bank. I continue to believe that the future is bright for our bank and our prospects given our improved capital position. Waccamaw, as of June 30, 2010 reported a profit for the first six months of 2010 of $160,662. The recent FDIC closure and subsequent takeovers of three major coastal community banks and the change of ownership of two other financial institutions with major operations in this area puts us in an excellent position to capture an increasing share of the rapidly growing Brunswick (NC), New Hanover (NC) and Horry (SC) County markets (which includes the Myrtle Beach and Wilmington MSAs), as well as our attractive legacy markets of Columbus, Brunswick and Bladen Counties in North Carolina."
Chairman Alan W. Thompson stated, " The increase in capital at this time is a refection of the confidence shareholders have in our bank, the markets we serve and our ability to move out of this economic slump. I look forward to the successful completion of the second phase of our stock offering as our public offering comes to a close in the near future. Waccamaw Bank looks forward to continue Growing Coastal Carolina Strong!"
Graham indicated the public offering became effective on August 10, 2010 and will close within sixty (60) days as required by the Security and Exchange Commission's regulations. Further comments or speculation regarding the public offering are prohibited under SEC regulations while in the offering period, according to Graham.
This press release does not constitute an offer to sell or a solicitation of an offer to buy any securities, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
Waccamaw Bankshares, Inc. is the holding company for Waccamaw Bank, a North Carolina-chartered community bank. We are headquartered in Whiteville, North Carolina and conduct our business through seventeen full-service banking offices located in Whiteville, Tabor City, Chadbourn, Elizabethtown, Shallotte (2), Holden Beach, Southport(2), Sunset Beach, Oak Island, and Wilmington, North Carolina and Heath Springs, Conway (2), Socastee, and Little River, South Carolina. Our primary market area includes Columbus, Bladen, Brunswick and New Hanover Counties of North Carolina and Lancaster and Horry Counties of South 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 http://www.waccamawbank.com/.
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.
Waccamaw Bankshares, Inc.
CONTACT: James G. Graham, President and Chief Executive Officer,
+1-910-641-0044
Web Site: http://www.waccamawbank.com/
