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Waccamaw Bankshares Inc.'s stock was delisted from the Nasdaq after the company said it could not complete its delinquent financial statements.
November 23 -
In a bid to raise fresh capital, ailing Waccamaw Bankshares Inc. in Whiteville, N.C., is selling eight of its branches in North Carolina and three in South Carolina to rival First Bancorp in Troy, N.C.
October 25
The Federal Reserve has hit Waccamaw Bank with a prompt corrective action ordering the Whiteville, N.C., bank to increase equity or sell itself.
The Fed said it had determined that the bank, a unit of the $583 million-asset Waccamaw Bancshares Inc., is critically undercapitalized. The order gave the bank until Jan. 6, 2012, to address it capital issues. The bank was also barred from taking on new deposits, at above-market rates, among other things.
The company was delisted from the Nasdaq last month. It unveiled plans in October to sell 11 branches to First Bancorp in Troy, N.C.
