Waccamaw Bankshares, Inc. Appoints Larrowe as Executive Vice President and Chief Administrative Officer

WHITEVILLE, N.C., Nov. 8, 2010 /PRNewswire-FirstCall/ -- The Board of Directors of Waccamaw Bankshares, Inc. has appointed Michael D. Larrowe as Executive Vice President and Chief Administrative Officer of the company and wholly owned subsidiary Waccamaw Bank.  Mr. Larrowe previously served as Executive Vice President of the Bank of the Carolinas Corp. in Mocksville, North Carolina and Executive Vice President and Chief Operating Officer of the subsidiary of the Bank of Carolinas from 2008 until 2010.  Mr. Larrowe is a certified public accountant with his practice specializing in financial institutions. Mr. Larrowe was the Managing Member of Larrowe & Company, PLC from 1993 until 2006 when his firm was combined with Elliott Davis, LLC when he became Regional Managing Shareholder with Elliott Davis, LLC. Larrowe & Company served as the external audit firm for Waccamaw Bank and Waccamaw Bankshares, Inc. from the early days of its organizational process in 1997 until Larrowe & Company's joining Elliott Davis. Larrowe & Company, PLC performed accounting and consulting services for over 55 community banks in the Carolinas and Virginia with expertise in all regulatory and financial issues. Further, Mr. Larrowe has been a frequent speaker at the North Carolina Commissioner of Banks, North Carolina Banks' Directors College and for the Virginia Bankers Association.  

Jim Graham, President and Chief Executive Officer of Waccamaw Bankshares, Inc. and Waccamaw Bank stated, "It is a pleasure to have Mike Larrowe join our staff in this capacity.  His extensive knowledge and financial competency will be a great asset for our bank going forward.  Mike has a comprehensive knowledge of banking and is a dedicated individual who brings additional strength to the executive ranks of the bank with responsibilities over the finance, operations, human resources and enterprise risk management."

Waccamaw Bankshares, Inc. is the holding company for Waccamaw Bank, a North Carolina-chartered community bank. We are headquartered in Whiteville, North Carolina and conduct our business through seventeen full-service banking offices located in Whiteville, Tabor City, Chadbourn, Elizabethtown, Shallotte (2), Holden Beach, Southport(2), Sunset Beach, Oak Island, and Wilmington, North Carolina and Heath Springs, Conway (2), Socastee, and Little River, South Carolina. Our primary market area includes Columbus, Bladen, Brunswick and New Hanover Counties of North Carolina and Lancaster and Horry Counties of South Carolina. Waccamaw Bank began operations in Whiteville, North Carolina on September 2, 1997 and on June 30, 2001 became our wholly owned subsidiary upon completion of our reorganization into a bank holding company.  We conduct all of our business activities through our banking subsidiary, Waccamaw Bank. The bank's deposits are insured up to applicable limits by the FDIC. Our principal executive office is located at 110 North J.K. Powell Boulevard, Whiteville, North Carolina 28472 and our telephone number is (910) 641-0044. Our website is www.waccamawbank.com.

SOURCE Waccamaw Bankshares, Inc.