WHITEVILLE, N.C., June 21 /PRNewswire-FirstCall/ -- Waccamaw Bankshares, Inc. (Nasdaq: WBNK), the bank holding company for Waccamaw Bank, announced today that it has commenced a rights offering of 8,326,775 shares of common stock to shareholders of record as of May 14, 2010. Each shareholder as of May 14, 2010 will be entitled to purchase in the rights offering three shares for every two shares owned on May 14, 2010. Shareholders will also be entitled to oversubscribe. The offering price in the rights offering is $1.25 per share.
Waccamaw Bankshares, Inc. has also filed a registration statement with the Securities and Exchange Commission in connection with a proposed public offering of up to 21,673,225 shares plus any shares not sold in the rights offering. The registration statement relating to these securities has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective.
McKinnon & Company, Inc., an investment banking firm based in Norfolk, Virginia, will serve as the selling agent in the public offering on a best efforts basis. Waccamaw Bankshares has reserved the right to sell up to an additional 4,500,000 shares in the public offering. The company intends to use the proceeds from the offerings to increase regulatory capital and for general corporate purposes.
Copies of the prospectus for the public offering, when available, may be obtained by contacting: William McKinnon or Vince Thomas at McKinnon & Company, Inc, at (757) 623-4636.
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.