Regional digest: Waccamaw Bank slips to net loss

Thu. April 30, 2009; Posted: 04:56 AM

Apr 30, 2009 (Star-News - McClatchy-Tribune Information Services via COMTEX) -- WBNK | Quote | Chart | News | PowerRating -- The parent of Waccamaw Bank on Wednesday reported a net loss of $135,539, or 2 cents per diluted share, for the first quarter, in contrast to a profit of $510,343, or 9 cents a share, in the first period of 2008.

Whiteville-based Waccamaw Bankshares Inc. cited an increase in its provision for loan losses, to $988,000 in the first quarter versus no provision in the year-earlier period.

Additionally, the bank's net interest margin fell by 0.35 percent, Jim Graham, president and CEO, said Wednesday.

"The lengthening recession continues to create challenges for our market area with the average unemployment rate for the six counties that we serve in excess of 14 percent," Graham said in a statement.

"It is important to note that we remain financially strong with capital ratios in excess of regulatory guidelines to remain 'well capitalized,'" he said.

Total assets rose 4.4 percent to $560.29 million as of March 31 from $536.72 million as of March 31, 2008.

Total deposits increased 6.4 percent to $441.62 million. Total loans remained flat at $376.42 million.

Waccamaw has 17 offices in six counties in North and South Carolina.

Financial firm opens new office

Financial planning firm Market Street Advisors has opened a new office at Landfall Executive Suites, 1213 Culbreth Drive.

Heading the new office is Scott Hall, who previously led the office in the former Cape Fear Bank building.

Also at the office will be Jackie Willse, business development officer, and Mark Hall, president, principal and founder.

Market Street Advisors, whose main office is in Smithfield, is a branch of Boston-based Cantella & Co.

- From staff reports

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