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8-K - WACCAMAW BANKSHARES INC | v195468_8k.htm |
Exhibit
99.1
FOR
RELEASE: August 27,
2010
James
G. Graham, President and Chief Executive Officer
(910)
641-0044
Waccamaw
Bankshares Announces Completion of First Phase in Stock Offering
August
27, 2010
WHITEVILLE,
N.C., August 27, 2010 -- Waccamaw Bankshares, Inc. (Nasdaq: WBNK), the bank
holding company for Waccamaw Bank, announced today the completion of its rights
offering of 1,915,041 shares of common stock at $1.25 per share. A
public offering which became effective on August 9th is now
underway and is anticipated to close prior to September 30th. If
shares are sold in the public offering at a price below $1.25 per share, the
rights offering participants will be issued additional shares such that their
price per share is equalized. In addition to increasing capital
levels, Waccamaw will use the proceeds for general corporate
purposes.
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 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.
SOURCE
Waccamaw Bankshares, Inc.