WHITEVILLE, NC (WWAY) -- Waccamaw Bank is no more. First Community Bank, of Bluefield, VA, is taking over the business.
In a news release sent on Friday, bank leaders said despite their efforts to restore capital ratios, the bank has lost its struggle to maintain ownership.
Waccamaw Bank has been in operation for 14 years with 17 branches in all. Branch locations include Wilmington, Oak Island, Shallotte, Whiteville, Elizabethtown and Southport and others.
Branches will open Monday as First Community Bank. Customers with questions can call the FDIC at 1-877-275-3342.
More details are listed below in the following news release.
WHITEVILLE, NC (news release from Waccamaw Bankshares) -- Waccamaw Bank has been closed by the North Carolina Office of Commissioner of Banks, which named the Federal Deposit Insurance Corporation (FDIC) as receiver, Waccamaw Bankshares (WBNK:PK) announced today.
The FDIC simultaneously entered into a purchase and assumption agreement with First Community Bankshares, Inc., of Bluefield, VA, (NASDAQ: FCBC) to assume the operations and all deposits and to purchase essentially all assets of Waccamaw Bank in a loss-share transaction. The bank will reopen Monday, June 11, as First Community Bank.
The Board of Waccamaw Bank released this statement about the closing:
“During the last two years, Waccamaw Bank has been aggressively writing down weakened, real-estate-related loans, reducing expenses and increasing productivity. This has in most cases addressed the new banking standards set by federal regulators and created a stronger bank. Despite its valiant efforts to restore its capital ratios, Waccamaw Bankshares has lost its hard-fought struggle to maintain ownership of the Bank despite unyielding market conditions and a harsh industry environment.”
During much of its 14 years of existence, Waccamaw Bank has been a trusted steward of accountholder funds, a symbol for community growth, and a profitable institution for shareholders. With about $450 million in deposits and 16 branches, Waccamaw Bank had assets totaling $535 million. Waccamaw Bankshares no longer is associated with Waccamaw Bank.
Customers will have normal access to their accounts, and current loan agreements will continue. Individual accounts are insured up to $250,000. Customers with questions about the foregoing matters or who would like more information about the closure of the Bank can visit the FDIC’s web site located at http://www.fdic.gov/ or call the FDIC toll-free at 877-275-3342.
The Board statement continued:
“Waccamaw Bank is fortunate to have been acquired by another community institution, First Community Bank. We can all be proud of Waccamaw Bank’s record as an exemplary corporate citizen over the last 14 years. Our employees gave their best efforts to maintain outstanding customer service during difficult circumstances. They have earned our gratitude, and we have asked First Community to continue their employment.
“On behalf of the Board and employees of the Company and the Bank, we want to sincerely thank accountholders, shareholders and our communities for the confidence you placed in us and the loyalty and support that you demonstrated.”
The management team of the Bank is working with the staff of First Community Bank to ensure that this transition goes as smoothly as possible for our customers. If a customer has questions about transactions, accounts, or loan status, please contact your banker for assistance. Waccamaw Bankshares is currently exploring methods of winding down its holding company operations.
For more information, you may contact the Company directly at Waccamaw Bankshares, P.O. Box 2222, Whiteville, NC 28472-2222.
About Waccamaw Bankshares
Waccamaw Bankshares is a financial services holding company, founded in 1997. Its headquarters are in Whiteville, NC.
About First Community Bankshares
First Community Bancshares, Inc., headquartered in Bluefield, Virginia, is a $2.21 billion financial holding company and is the parent company of First Community Bank. Before today, First Community Bank has operated 56 locations in the four states of Virginia, West Virginia, North Carolina, and Tennessee. The Company is also the parent company of GreenPoint Insurance Group, Inc., a full-service insurance agency headquartered in High Point, North Carolina, that operates ten offices. The Company's common stock is traded on the NASDAQ Global Select Market under the symbol, "FCBC".