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Board Report: 2015-SR-B-005 March 26, 2015

Review of the Failure of Waccamaw Bank

available formats

Report Contributors and Abbreviations

Report Contributors

Shannon Williams, OIG Manager
Saurav Prasad, Project Lead (December 2012–June 2014)
Michael Olukoya, Project Lead (June 2014–present)
Michael VanHuysen, Senior OIG Manager for Supervision and Regulation
Melissa Heist, Associate Inspector General for Audits and Evaluations


ADC acquisition, development, and construction
Board Board of Governors of the Federal Reserve System
CBEM Commercial Bank Examination Manual
CRE commercial real estate
DIF Deposit Insurance Fund
Dodd-Frank Act Dodd-Frank Wall Street Reform and Consumer Protection Act
FDIC Federal Deposit Insurance Corporation
FRB Atlanta Federal Reserve Bank of Atlanta
FRB Philadelphia Federal Reserve Bank of Philadelphia
FRB Richmond Federal Reserve Bank of Richmond
HELOC home equity line of credit
IT Information Technology
PCA prompt corrective action
Reserve Bank Federal Reserve Bank
SR Letter 07-1 Supervision and Regulation Letter 07-1, Concentrations in Commercial Real Estate Lending, Sound Risk Management Practices
State North Carolina Office of the Commissioner of Banks
Waccamaw Waccamaw Bank