Waccamaw Bankshares Submits Compliance Plan to the NASDAQ Stock Market

Waccamaw Bankshares WBNK announced today that it has submitted to the Listing Qualifications Department of the NASDAQ Stock Market its plan to regain compliance with the NASDAQ listing rules. As previously announced in the company's press releases dated April 8, 2011, and May 23, 2011, the company has not yet completed its audited financial statements for the fiscal year ended December 31, 2010, nor has it completed its financial statements for the quarterly period ended March 31, 2011. As a result, the company has not been able to file its Annual Report on Form 10-K for the fiscal year ended December 31, 2010, or its Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2011, with the Securities and Exchange Commission. On April 4, 2011, and May 17, 2011, NASDAQ informed the company that due to the company's inability to timely file its Form 10-K and 10-Q, it is not in compliance with NASDAQ Listing Rule 5250(c)(1). NASDAQ also requested that the company submit, no later than June 3, 2011, a plan to regain compliance. The company submitted its compliance plan on June 2, 2011. In its plan, the company requested that NASDAQ grant the company through September 27, 2011 (180 days from the due date of the initial late filing), to regain compliance with the listing rules. No assurance can be given that NASDAQ will accept the company's compliance plan or grant an exception for the full 180-day period, if at all.