Waccamaw Bankshares Receives Letter From NASDAQ Relating to Its Late Form 10-Q and 10-K

Waccamaw Bankshares, Inc. WBNK, the bank holding company for Waccamaw Bank, announced today that it received a second non-compliance notice from the NASDAQ Stock Market stating that the company was not in compliance with NASDAQ Listing Rule 5250( c )(1) because the company has not timely filed its Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2011, and because the company has not timely filed its Annual Report on Form 10-K for the fiscal year ended December 31, 2010. The notification has no immediate effect on the listing or trading of the company's common stock on the NASDAQ Global Market. The NASDAQ letter indicated that the company has until June 3, 2011, to submit a plan to regain compliance. If such a plan is timely submitted by the company, the NASDAQ staff can grant the company up to 180 calendar days from the due date of the Form 10-K to regain compliance.