UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20519
Form 13F COVER PAGE
Report for the Calendar Year or Quarter Ended: __03/31/99__________
Check Here if Amendment [ ]; Amendment Number: _____________________
This Amendment (Check only one.): [ ] is a restatement
[ ] adds new holdings entries.
Institutional Investment Manager Filing this Report:
Name: Wilbanks, Smith & Thomas Asset Management, Inc.
Address: One Commercial Place________________________
Suite 1450 _________________________________
Norfolk, VA 23510___________________________
Form 13F File Number: 28-5226___
The institutional investment manager filing this report and the person by
whom it is signed hereby represent that the person signing the report is
authorized to submit it, that all information contained herein is true,
correct and complete, and that it is understood that all required items,
statements, schedules, lists and tables, are considered integral parts of
this form.
Person Signing this Report on Behalf of Reporting Manager:
Name: L. Norfleet Smith, Jr. ________________
Title: Principal/Director of Operations________
Phone: (757) 623-3676 _____________________
Signature, Place, and Date of Signing:
L. Norfleet Smith_ ______Norfolk, VA______ _ 05/12/99__
[Signature] [City, State] [Date]
Report Type (Check only one.):
[X] 13F HOLDINGS REPORT. (Check here if all holdings of this reporting manager
are reported in this report.)
[ ] 13F NOTICE. (Check here if no holdings reported are in this report, and
all holdings are reported by other reporting manager(s).)
[ ] 13F COMBINATION REPORT. (Check here if a portion of the holdings for this
reporting manager are reported in this report and a portion are reported by
other reporting manager(s).)
Form 13F SUMMARY PAGE
Report Summary:
Number of Other Included Managers: _______0______
Form 13F Information Table Entry Total: ____142________
Form 13F Information Table Value Total: $____574956_____
(thousands)
List of Other Included Managers: NONE
Provide a numbered list of the names and Form 13F file number(s) of all
institutional investment managers with respect to which this report is filed,
other than the manager filing this report.
<TABLE>
FORM 13F
INFORMATION TABLE
VALUE SHARES/
SH/ PUT/ INVSTMT OTHER VOTING
AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT
PRN CALL DSCRETN MANAGERS SOLE
SHARED NONE
- ------------------------------ ---------------- --------- -------- -------- --
- - ---- ------- ------------ -------- ----
- ---- --------
<S> <C> <C> <C> <C>
<C> <C> <C> <C> <C> <C>
<C>
Standard Comercial Sub Deb Con CONV 853258aa9 6 10000
PRN SOLE 10000
AICI Capital Trust 9% Pfd. PFD 001338201 2937 121420 SH
SOLE 121420
AT&T Capital Corp. Qtly Pfd. 8 PFD 00206j308 3759 144245 SH
SOLE 144245
Abn Amro Capital Fund II 7.125 PFD 00371t206 500 20000 SH
SOLE 20000
Bear Stearns Cap Tr II 7.50% ( PFD 07383j209 754 30000 SH
SOLE 30000
Conseco Financial Trust V 8.70 PFD 20847d205 547 22100 SH
SOLE 22100
Duke Cap. Fin. 7.375% PFD 26439e204 201 8000 SH
SOLE 8000
EDF London Cap 8.625% Pfd. Ser PFD 268316205 418 16300 SH
SOLE 16300
Hartford Capital II Series B Q PFD 416320208 205 8000 SH
SOLE 8000
MediaOne Financing Pfd B PFD 583938204 262 10400 SH
SOLE 10400
Motorola Capital Trust I 6.68% PFD 620074203 716 30000 SH
SOLE 30000
NB Capital Trust (BAC) 7.84% PFD 628956203 4166 163390 SH
SOLE 163390
Nova Chemicals Corp. 9.04% (01 PFD 66977w307 752 30000 SH
SOLE 30000
PWG Capital Trust I 8.30% (12 PFD 69366e201 574 22400 SH
SOLE 22400
Public Storage Cum. Pfd. C (Fr PFD 74460d505 291 12550 SH
SOLE 12550
RJR Nabisco 9.50% TOPRs PFD 74961v202 204 7600 SH
SOLE 7600
Resource Bank Preferred 9.25% PFD 761201201 249 9850 SH
SOLE 9850
Southern Co. 7.75% Pfd. A PFD 84258t208 471 18380 SH
SOLE 18380
TCI 8.72% pf. PFD 872285200 5687 217688 SH
SOLE 217688
Talisman Energy 9% Pfd Ser 2/1 PFD 87425e400 502 20000 SH
SOLE 20000
Textron Capital I 7.92% (02/09 PFD 883198202 757 30000 SH
SOLE 30000
Unionbancal Finance Tr I 7.375 PFD 90905q109 758 30000 SH
SOLE 30000
ACNielsen Corp. COM 004833109 2317 85435 SH
SOLE 85435
AFLAC Inc COM 001055102 16440 301998 SH
SOLE 301998
AT&T Corp COM 001957109 8947 112105 SH
SOLE 112105
Abbott Laboratories COM 002824100 1374 29344 SH
SOLE 29344
Advent Software Inc COM 007974108 322 6450 SH
SOLE 6450
Aegon N. V. Ord. COM 007924103 1100 12234 SH
SOLE 12234
All American Semiconductor, In COM 016557100 9 12500 SH
SOLE 12500
Allied Signal COM 019512102 12025 244472 SH
SOLE 244472
AmSouth Bancshares COM 032165102 308 6775 SH
SOLE 6775
America Online Inc COM 02364j104 301 2050 SH
SOLE 2050
American Express COM 025816109 8629 73286 SH
SOLE 73286
American Home Products COM 026609107 15112 231599 SH
SOLE 231599
American Intl Group COM 026874107 15329 127082 SH
SOLE 127082
Ameritech COM 030954101 540 9366 SH
SOLE 9366
BB&T Corporation COM 054937107 7443 205684 SH
SOLE 205684
BP Amoco PLC-Spons ADR COM 055622104 633 6267 SH
SOLE 6267
Bank One Corp COM 06423a103 256 4650 SH
SOLE 4650
Bank of America Corp. COM 060505104 13311 188477 SH
SOLE 188477
Bell Atlantic COM 077853109 252 4879 SH
SOLE 4879
BellSouth Corp COM 079860102 1016 25360 SH
SOLE 25360
Berkshire Hathaway Class B COM 084670207 386 164 SH
SOLE 164
Bristol Myers Squibb COM 110122108 2893 45110 SH
SOLE 45110
CCB Financial COM 124875105 13501 249734 SH
SOLE 249734
COMPAQ Computers COM 204493100 8881 280274 SH
SOLE 280274
CVS Corp (Holding Co) (Formerl COM 126650100 1461 30765 SH
SOLE 30765
Centura Banks Inc COM 15640t100 416 7142 SH
SOLE 7142
Charles Schwab Corp COM 808513105 1245 12950 SH
SOLE 12950
Chase Manhattan Corp COM 16161a108 5664 69608 SH
SOLE 69608
Chevron Corp COM 166751107 550 6198 SH
SOLE 6198
Circuit City Stores Inc COM 172737108 233 3047 SH
SOLE 3047
Cisco Systems COM 17275r102 294 2682 SH
SOLE 2682
Citigroup COM 172967101 5516 86360 SH
SOLE 86360
Coca Cola Company COM 191216100 1219 19856 SH
SOLE 19856
Colgate Palmolive Co COM 194162103 9526 103547 SH
SOLE 103547
Computer Sciences COM 205363104 229 4154 SH
SOLE 4154
Cox Communications Inc COM 224044107 1373 18620 SH
SOLE 18620
Disney (Walt) Co. COM 254687106 12908 414713 SH
SOLE 414713
Du Pont E.I. De Nemours and Co COM 263534109 741 12755 SH
SOLE 12755
Duke Energy Corp. COM 264399106 407 7431 SH
SOLE 7431
EMC Corp. COM 268648102 804 6295 SH
SOLE 6295
Eli Lilly COM 532457108 721 8490 SH
SOLE 8490
Enron Corp. COM 293561106 214 3335 SH
SOLE 3335
Equifax, Inc COM 294429105 7245 210749 SH
SOLE 210749
Exxon Corporation COM 302290101 2315 32809 SH
SOLE 32809
Federal Natl Mtg Assoc COM 313586109 9918 143213 SH
SOLE 143213
First Union Corp COM 337358105 905 16935 SH
SOLE 16935
Ford Motor COM 345370100 284 5013 SH
SOLE 5013
Fortune Brands (formerly Amer. COM 349631101 1161 30155 SH
SOLE 30155
GTE Corp. COM 362320103 454 7506 SH
SOLE 7506
Gallaher Group PLC-ADR COM 363595109 261 11100 SH
SOLE 11100
General Electric COM 369604103 9345 84471 SH
SOLE 84471
Gillette Co COM 375766102 10668 179485 SH
SOLE 179485
Heilig-Meyers COM 422893107 103 19879 SH
SOLE 19879
Heinz (H.J.) COM 423074103 344 7266 SH
SOLE 7266
Hewlett-Packard Company COM 428236103 4125 60829 SH
SOLE 60829
Intel Corporation COM 458140100 7259 61063 SH
SOLE 61063
International Business Machine COM 459200101 284 1602 SH
SOLE 1602
Jefferson-Pilot Corporation COM 475070108 2399 35411 SH
SOLE 35411
Johnson & Johnson COM 478160104 9107 97404 SH
SOLE 97404
Laboratory Corp of Amer Hldgs COM 50540r102 18 10476 SH
SOLE 10476
Lowe's Companies COM 548661107 20820 344139 SH
SOLE 344139
Lucent Technologies COM 549463107 936 8669 SH
SOLE 8669
MCI WorldCom COM 55268b106 167729 1893907 SH
SOLE 1893907
McDonald's Corp. COM 580135101 13100 289099 SH
SOLE 289099
McKesson HBOC, Inc COM 58155q103 417 6322 SH
SOLE 6322
Mellon Bank Corp COM 585509102 250 3550 SH
SOLE 3550
Merck & Co COM 589331107 15393 192108 SH
SOLE 192108
Mercury Finance Co. COM 589395102 7 60000 SH
SOLE 60000
Merrill Lynch COM 590188108 319 3600 SH
SOLE 3600
Microsoft Corp COM 594918104 2069 23090 SH
SOLE 23090
MidAmerican Energy Holdings Co COM 59562v107 9472 338281 SH
SOLE 338281
Minnesota Mining & Manufacturi COM 604059105 426 6027 SH
SOLE 6027
Mobil Corporation COM 607059102 5548 63042 SH
SOLE 63042
Morgan (J.P.) COM 616880100 227 1836 SH
SOLE 1836
Motorola, Inc COM 620076109 861 11750 SH
SOLE 11750
Nestle SA-ADR COM 641069406 273 3000 SH
SOLE 3000
New York Times COM 650111107 3894 136622 SH
SOLE 136622
Norfolk Southern Corporation COM 655844108 514 19489 SH
SOLE 19489
Oracle Systems Corp COM 68389x105 13548 513661 SH
SOLE 513661
Pepsico Inc. COM 713448108 12327 314572 SH
SOLE 314572
Pfizer, Inc. COM 717081103 2361 17014 SH
SOLE 17014
Philip Morris COM 718154107 709 20150 SH
SOLE 20150
Playtex COM 72813p100 5054 334142 SH
SOLE 334142
Proctor & Gamble COM 742718109 1002 10232 SH
SOLE 10232
Providian (Formerly Capital Ho COM 74406a102 2194 19950 SH
SOLE 19950
Qwest Communications COM 749121109 3072 42614 SH
SOLE 42614
Regions Financial COM 758940100 249 7200 SH
SOLE 7200
Resource Bankshares Corp. COM 76121r104 4731 239561 SH
SOLE 239561
Royal Dutch Petrol. COM 780257804 534 10270 SH
SOLE 10270
SBC Communications, Inc. COM 78387g103 869 18426 SH
SOLE 18426
Sara Lee Corp COM 803111103 350 14156 SH
SOLE 14156
Schering-Plough Corporation COM 806605101 8694 157366 SH
SOLE 157366
Sitel Corp COM 82980k107 66 28000 SH
SOLE 28000
Smithfield Foods COM 832248108 465 20500 SH
SOLE 20500
SouthTrust Corp COM 844730101 485 12995 SH
SOLE 12995
Southern Co COM 842587107 620 26610 SH
SOLE 26610
Sun Microsystems COM 866810104 12917 103285 SH
SOLE 103285
SunTrust Banks COM 867914103 293 4699 SH
SOLE 4699
Telespectrum Worldwide COM 87951u109 5670 662150 SH
SOLE 662150
Texaco Inc COM 881694103 377 6640 SH
SOLE 6640
Texas Instruments COM 882508104 220 2220 SH
SOLE 2220
Time Warner Inc COM 887315109 12892 182057 SH
SOLE 182057
Tyco International, Ltd. 'New' COM 902124106 15142 211034 SH
SOLE 211034
US Filter COM 911843894 1301 42480 SH
SOLE 42480
United Dominion Realty Tr COM 910197102 117 11400 SH
SOLE 11400
WLR Foods Inc COM 929286102 88 12000 SH
SOLE 12000
Wachovia Corp COM 929771103 404 4970 SH
SOLE 4970
Wal-Mart Stores COM 931142103 509 5520 SH
SOLE 5520
Warner Lambert Company COM 934488107 487 7350 SH
SOLE 7350
Williams Cos COM 969457100 938 23754 SH
SOLE 23754
Xerox Corp COM 984121103 2916 55940 SH
SOLE 55940
WorldCom Jan '00 @ 25.00 CALL 97999q002 -19032 -2968 SH
CALL SOLE -2968
WorldCom Jan '00 @ 30.00 CALL 97999q010 -28055 -4735 SH
CALL SOLE -4735
Baron Small Cap COM 068278308 207 17425.052SH
SOLE 17425.052
Barr Rosen. US Small Cap Inst. COM 068310408 92 12066.145SH
SOLE 12066.145
Capital World Growth & Income COM 140543109 253 9785.700 SH
SOLE 9785.700
Fidelity Advisor Growth Opport COM 315807206 203 4057.188 SH
SOLE 4057.188
Fidelity Contrafund COM 316071109 278 4670.746 SH
SOLE 4670.746
Fidelity Magellan COM 316184100 553 4216.497 SH
SOLE 4216.497
Torray COM 891402109 377 9635.118 SH
SOLE 9635.118
</TABLE>