The Nasdaq action comes after the parent of Waccamaw Bank said Friday in a regulatory filing that it would be unable to timely file its financial report for the third quarter.
In addition to the latest quarter, the bank has yet to file its earnings reports for the two preceding quarters of 2011 with the U.S. Securities and Exchange Commission as well as its full-year results for 2010.
Failure to file its reports violated Nasdaq rules and prompted the exchange to threaten the bank with de-listing earlier this year.
But Nasdaq twice extended the bank’s deadline. The latest extension was to have expired Dec. 5, but Nasdaq pulled the plug after Waccamaw’s latest announcement of a delay in earnings.
Its stock, whose symbol was WBNK, closed Tuesday at 30 cents a share.
The de-listing could seriously limit the bank’s ability to raise funds, and it is the latest in a string of bad news for Waccamaw,
In June 2010, the Federal Reserve issued an enforcement action against Waccamaw, telling it, among other things, that it must strengthen board oversight of management and operations.
In 2009, the last full-year results reported by the bank, Waccamaw posted a loss of $14 million.
Waccamaw is the process of raising money.
Last month the bank said it was selling 11 branches and their $180 million in deposits to Troy-based First Bank.
In the deal, First Bank also would acquire $98 million in performing loans and the premises and equipment at the branches.
In return, Waccamaw would receive about $2.7 million, President Geoffrey R. Hopkins said at the time.
The transaction was expected to be completed early next year.
Waccamaw Bank officials could not be reached for comment Tuesday evening.
Waccamaw, like community banks across the country, has been pummeled by the real estate crash, seeing the collateral for its loans plunge in value.
Two of its competitors, Cape Fear Bank and Cooperative Bank, both of Wilmington, failed in 2009, victims of risky lending for acquisition and development. They were taken over by First Federal of Charleston and First Bank, respectively.
In September, the Federal Deposit Insurance Corp. sued former Cooperative chief Frederick Willetts III and the board of directors, charging neglect of duty and seeking more than $33 million.
Wayne Faulkner: 343-2329
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