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WBNK SEC Suspension:
http://www.sec.gov/litigation/suspensions/2014/34-72769.pdf
Order:
http://www.sec.gov/litigation/suspensions/2014/34-72769-o.pdf
Admin Proceeding:
http://www.sec.gov/litigation/admin/2014/34-72770.pdf
I've sent my reports to the sec to put wbnk on there watching list. Fyi!
Now considered "substantially undercapitalized," which is an improvement; however, their auditors have given it a "going concern" status too.
Good news/bad news.
http://www.bizjournals.com/triangle/news/2012/03/01/auditor-issues-going-concern-notice.html
Thanks for the PM I will look into what you suggested.
GLTY
Company suing Waccamaw Bankshares
The company that bought more than $16 million worth of preferred stock in Waccamaw Bankshares wants its money back.
Monterey I Holdings LLC says in its suit against the parent of Waccamaw Bank that it bought 546,376 shares in December 2010 with the stipulation that the money would be accounted for as core, or "Tier 1," capital.
http://www.starnewsonline.com/article/20120127/ARTICLES/120129688?p=1&tc=pg
Waccamaw Bank has received some news that boosts the bank’s overall health by improving its capital ratios.
A ruling January 27 from the Federal Reserve’s Board of Governors overturns an earlier Fed decision that disallowed some capital raised by Waccamaw Bank in late 2010.
“That decision put us in a precarious situation,” said Geoffrey Hopkins, Waccamaw Bank president.
The bank appealed, but its appeal was denied twice. However the Board of Governors viewed the case differently, creating a “much healthier position” for Waccamaw as it attempts to increase its capital base, according to Hopkins.
The capital involved is Tier 1 capital, the core measure of a bank's financial strength, from a regulator’s point of view. This is money that can be used in a flexible manner to absorb losses incurred through operations and/or loans, Hopkins said.
“We’ve been given a lifeline, although we are not out of the woods,” Hopkins said. “The bank still faces a lot of challenges.”
On December 2, the Fed sent Waccamaw a “Prompt Corrective Action” directive, defining Waccamaw as “critically undercapitalized” and giving the bank until January 6 to take steps to increase its working capital. The recent Board of Governors’ decision on Waccamaw’s Tier 1 capital removes the bank from its status as critically undercapitalized.
“This is a true miracle,” Hopkins said. “I have never known the board to reverse such a decision. But it gives us time to explore opportunities for capitalization.”
Waccamaw Bankshares is also proceeding with the sale of its 11 branches in Brunswick and New Hanover counties in North Carolina and in Horry County, S.C. to First Bank. That sale is pending regulatory approval and is expected to close in the next few months.
Waccamaw Bank will retain five locations in its core markets: Whiteville, Tabor City, Chadbourn and Elizabethtown, N.C. and Heath Springs, S.C.
I consider my first car[56 Chevy 2 door HT] my first "investment" hence the alias...had I kept it I would've had a very nice ROI..it cost me $95 in 1968. I envy your friend...smart guy ;)
56Chevy Thanks for the PM unfortunately I did not read it until late in the week. Not tuned into PM's since I can not send any do not look at my mailbox on here very often. Guess I will have to pay closer attention.
Looks like some good picks though.
Do you perhaps own a 56 Chevy? A friend of mine has one that has been in storage for about 40+ years very good condition.
C56, I saw this one too.. Early Stages..
The Other one is mid stream..
GLTA..
GO WBNK..
DrR..
Your welcome, thanks for your thoughts. Unfortunately I hold several thousand shares of this. Going to start unwinding on Monday - just hope I am not too late. The only thing that has kept me holding it these last couple of weeks has been the volume - it has been pretty high for this stock like 50k is high lol. But relative to the past it actually is. If you care to share what stocks are you active in?
Agreed. I don't hold any of these I just watch several diff sized banks to keep a finger on the pulse of banking in general.
Thanx for visiting the board Kart84!
Yea it appears once the FDIC gets involved at this level there is very little hope. Because they will eventually hand it over to some other bank for free essentially which sucks for stock holders. It seems like if that were not the case for WBNK that someone could buy it for say $1.00 per share common and get a bank for about 7.5 million and put another say 7.5 million in it and be sitting in pretty good shape when things turn around.
Unless they get an extension of time they will fail. Even then it may just postpone the inevitable. A prospective buyer (if there was one) wouldn't pay a premium to acquire it and they've allready sold off a large portion of the business.
It's very difficult for banks to survive in this ultra-low interest rate enviroment. Banks need interest rates to go up in order to make money. When interest rates go up they're more likley to make loans to people who need them and everyone benefits. The Fed policy of ultra-low rates is working against the economy/jobs/growth.
Does anybody know what the latest news on this bank might be?? Or will Jan 6th be it for them?? They look like a good candidate for someone buying them but what do I know>
Waccamaw Mulls Alternatives To Correct Itself
12/7/2011
Waccamaw Bankshares Inc. has been declared critically undercapitalized and is looking to raise capital, sell itself or face possible closure by bank regulators. The Federal Reserve has issued a 60-day notice called a Prompt Corrective Action.
Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.
On November 21, 2011, Waccamaw Bankshares, Inc. (the “Company”), received notice from the Nasdaq Hearings Panel (the “Panel”) that the Panel has determined that the Company’s securities will be delisted from the Nasdaq Stock Market, effective at the open of business on November 23, 2011. The Company appeared before the Panel on August 4, 2011, for failure to file its Annual Report on Form 10-K for the fiscal year ended December 31, 2010, and its Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2011, in violation of Nasdaq Listing Rule 5250(c)(1). The Company subsequently received deficiency letters from the staff of the Nasdaq Listing Qualifications Department regarding its failure to file its Quarterly Reports on Form 10-Q for the quarterly periods ended June 30, 2011, and September 30, 2011. The Panel considered these additional deficiencies in its decision.
After the hearing, the Panel decided to continue the Company’s listing on the condition that the Company file all of its delinquent periodic filings by December 5, 2011. On November 18, 2011, the Company informed the Panel that it would not be able to meet the December 5, 2011, deadline for filing its delinquent periodic reports. In light of these circumstances, the Panel has determined to delist the Company’s securities from the Nasdaq Stock Market and will suspend trading in the Company’s shares effective at the open of business on Wednesday, November 23, 2011. The Nasdaq Stock Market will thereafter complete the delisting by filing a Form 25-NSE Notification of Delisting with the Securities and Exchange Commission.
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The ticker is now WBNK.PK
Waccamaw Bank subject to Fed action
Tuesday, December 6, 2011
Long-struggling Whiteville-based Waccamaw Bank has been declared "critically undercapitalized" and must now either increase its equity through new shares or find a buyer, according to a Federal Reserve enforcement action made public Tuesday.
The bank has until Jan. 6 to become adequately capitalized, the action states. It's subject to a host of regulatory restrictions until then.
The bank also received a Fed enforcment action in June 2010, the StarNews in Wilmington reports, which directed the bank to strengthen mangagement and operations. Since then, the bank has sold branches to raise money.
The bank was recently delisted from Nasdaq after failing to file timely financial reports.
The bank does not have a presence in the Charlotte area, but has several locations in Southeastern North Carolina and in South Carolina.
http://obsbankwatch.blogspot.com/2011/12/waccamaw-bank-subject-to-fed-action.html
Waccamaw Bankshares Announces Stock to Be Delisted
Pr Newswire
Waccamaw Bankshares, Inc. (NASDAQ: WBNK), the bank holding company for Waccamaw Bank, announced today that its stock will be delisted from the Nasdaq Stock Market as of the opening of business on Wednesday, November 23, and that Nasdaq will file a Form 25-NSE with the Securities and Exchange Commission, which will remove the company's securities from listing and registration on Nasdaq.
http://www.prnewswire.com/news-releases/waccamaw-bankshares-announces-stock-to-be-delisted-134349983.html
Waccamaw Bankshares misses another reporting deadline
November 28, 2011By Jenny Callison
For the fourth time this year, Waccamaw Bankshares has missed a reporting deadline, making de-listing by Nasdaq increasingly possible.
On November 14, the parent of Waccamaw filed notice with the Securities and Exchange Commission that its financial statements for the third quarter have “been delayed as a result of reviewing and analyzing the accounting complexities associated with a significant transaction.”
The bank anticipated filing the report “as soon as is feasible,” but added that it “at this time is unable to determine when the filing will occur.”
Waccamaw Bankshares has not filed any of its quarterly reports for 2011, nor its annual report for 2010. Membership in Nasdaq is contingent, in part, on a company’s filing of financial reports on a timely basis. Twice so far this year, Nasdaq has extended the bank’s deadline to comply, most recently to December 5.
De-listing by the exchange could hamper Waccamaw’s ability to raise money.
The bank’s most recent statements have portrayed an institution in trouble. It reported a loss of $14 million in 2009. In its most recent quarterly report – the third quarter of 2010 – it indicated a loss to shareholders of about $127,000.
Waccamaw has announced plans to sell 11 of its branches, including one in Wilmington, to First Bank. That transaction is currently in the review process. If regulators approve it, the sale could close in the first quarter of 2012.
http://www.wilmingtonbiz.com/industry_news_details.php?id=2992
Waccamaw Bankshares Receives Letter From Nasdaq Relating to its Late Form 10-Q
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.
http://ih.advfn.com/p.php?pid=nmona&article=50132193&symbol=WBNK
Considering the recent effects the Occupy Wall St (OWS) movement has had in the banking sector overall I consider many publically traded small banks and credit unions to be "event driven" and therefore to me a consideration to buy. How long will it last is anyones guess but once people change banks - for whatever reason - has to be cause for alarm for the big banks.
Credit Unions Poach Clients
NOVEMBER 7, 2011
By SUZANNE KAPNER
Thousands of people flooded into credit unions and small banks over the weekend as part of Bank Transfer Day, an effort to prod depositors to abandon giant banks. But at least some of the big banks won't mind losing those customers.
On Saturday, the Boeing Employees' Credit Union in Seattle signed up a one-day record 659 new members. At the grand opening of a Randolph-Brooks Federal Credit Union branch in Pflugerville, Texas, the parking lot was so full that customers had to leave their cars across the street.
http://online.wsj.com/article/SB10001424052970203733504577021972358085822.html
* I do not agree with the OWS movement...and do not suggest anyone buy or sell any stock based on my posted opinion(s).
Mergers and Acquisitions
First Bank Agrees to Purchase Eleven Branches from Waccamaw Bank
October 24, 2011 5:48 PM EDT
First Bancorp (NASDAQ: FBNC), the parent company of First Bank, and Waccamaw Bankshares, Inc. (NASDAQ: WBNK), the parent company of Waccamaw Bank, Whiteville, North Carolina, jointly announce today that First Bank has entered into a definitive agreement to purchase eleven coastal branches from Waccamaw. The terms of the agreement provide for First Bank to acquire all the premises and equipment at the branches, all deposits (approximately $180 million), and selected performing loans (approximately $98 million). The deposit premium varies by account type, with the blended premium estimated at 1.5% of total deposits. The agreement calls for the branch facilities to be purchased at book value and the loans to be purchased at par. The transaction is subject to regulatory approval and is expected to be completed during the first quarter of 2012.
The eleven branches to be purchased under the agreement comprise all of the Waccamaw branches located in Brunswick and New Hanover Counties in North Carolina and Horry County in South Carolina. The Brunswick County branches are located in Southport (2), Shallotte (2), Ocean Isle Beach, Holden Beach, and Oak Island. The New Hanover County branch is located in Wilmington, and the Horry County branches are located in Conway (2) and Little River.
http://www.streetinsider.com/Mergers+and+Acquisitions/First+Bank+%28FBNC%29+Announces+Plans+to+Buy+11+Branches+from+Waccamaw+Bankshares+%28WBNK%29/6878404.html
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Not a good sign...the fact that FBNC is buying the cream of the crop (in the way of performing assets) from Waccamaw and leaving them with the crap of the crop (in the way of NPA loans) doesn't bode well for WBNK.
Waccamaw Bankshares, Inc.
Company Description
Waccamaw Bancshares is the holding company for the Waccamaw Bank, which operates about 15 branches in the coastal Carolina region. With about 15 branch loactions, Waccamaw provides traditional products such as checking and savings accounts and IRAs. It primarily uses funds from deposits to write commercial loans and mortgages, including business loans, construction loans, and land development loans. Hit by an increase in bad loans, the company is working with regulators to raise its capital holdings. It is also tightening up its lending practices.
Waccamaw Bankshares, with $566 million in assets, is a one-bank holding company that operates 17 branch offices in the Coastal Carolina region.
Nasdaq gives Waccamaw Bankshares trading extension
By Wayne Faulkner
Wayne.Faulkner@StarNewsOnline.com
Published: Wednesday, October 5, 2011 at 12:03 p.m.
The Nasdaq Stock Exchange has given Waccamaw Bankshares another chance to stay listed for trading, this time until as late as Dec. 5, according to an SEC filing Tuesday by the parent of Waccamaw Bank.
Nasdaq has threatened twice before to delist the stock – whose symbol is WBNK – because the bank has failed to file earnings reports for the first three quarters of this year as well as its 2010 annual report.
Waccamaw found out about the extension Friday, according to its filing with the Securities and Exchange Commission.
Nasdaq listed conditions for the extension.
Before Nov. 18, Waccamaw must provide the Nasdaq hearings panel with a detailed update on its progress toward compliance with exchange rules and its regulatory, banking and other issues that must be resolved before it can file its earnings reports.
Then, by Dec. 5, Waccamaw must file all its back earnings reports.
Nasdaq had most recently given Waccamaw a deadline for compliance of Sept. 27, but on Sept. 26, the bank told the exchange's hearings panel that it could not meet that deadline, according to Waccamaw's SEC filing.
If Waccamaw were to be delisted by Nasdaq, it would cut off its major source of capital, said Tony Plath of the University of North Carolina Charlotte.
The bank's stock has plunged over the past six months. It was trading Wednesday at around 21 cents a share. In the last 52 weeks it has traded as high as $2.10 a share and as low as 17 cents.
http://www.starnewsonline.com/article/20111005/ARTICLES/111009891
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