Businessweek

Waccamaw Bankshares, Inc. operates as the holding company for Waccamaw Bank, which provides individual and commercial banking services. The company serves Columbus County, North Carolina and surrounding areas through three banking offices, Brunswick County through seven banking offices, New Hanover County through one banking office, Bladen County through one banking office, and Lancaster County, South Carolina through one banking office and Horry County through four banking offices. Loan Portfolio The company offers commercial, installment, mortgage, and other consumer lending services. As of December 31, 2010, the company’s loan portfolio included construction and development loans; farmland loans; 1-4 family residential loans; multifamily residential loans; nonfarm, nonresidential loans; agricultural loans; commercial and industrial loans; consumer loans; and other loans. Investment Portfolio As of December 31, 2010, the company’s investment portfolio included municipal securities, corporate securities, single issue trust preferred securities, and mortgage backed securities. Deposits As of December 31, 2010, the company’s deposit products included interest bearing deposits, such as demand accounts, money market, savings, and time deposit; and noninterest bearing demand deposits. Federal Bank Holding Company Regulation (Financial Holding Company Regulations) The company is a bank holding company within the meaning of the Gramm-Leach-Bliley Act of 1999 (the GLB Act). The company is subject to the Bank Holding Company Act (the BHCA). Under the BHCA, the company is subject to periodic examination by the Federal Reserve Bank of Richmond (Federal Reserve) and is required to file periodic reports of its operations and such other information as the Federal Reserve may require. The bank is subject to examination and supervision by the Federal Reserve and the North Carolina Commissioner of Banks. As a state-chartered bank which is a member of the Federal Reserve, the bank is subject to regulation by the North Carolina Office of the Commissioner of Banks and the Federal Reserve. History Waccamaw Bankshares, Inc. was founded in 1997.