Waccamaw Bankshares Inc.’s stock was delisted from the Nasdaq on Wednesday after the company said it could not complete its delinquent financial statements by a December deadline.
The $583 million-asset company has not filed with the Securities and Exchange Commission an annual financial statement for 2010 or reports for the first three quarters of 2011. Last week the Whiteville, N.C.-based Waccamaw told the Nasdaq that it would not be able to meet a Dec. 5 deadline for filing these statements.
Three transactions from 2010 – the sale of problem loans, the purchase of home equity lines of credit and a private placement of preferred stock – have caused the delays, the company said in a Monday press release.
Waccamaw’s capital levels have been weakened recently by losses on real estate loans. Waccamaw said last month that it would sell eight North Carolina branches and three in South Carolina to raise additional funds.