UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20519
Form 13F COVER PAGE
Report for the Calendar Year or Quarter Ended: __09/30/99__________
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:
________________ ______Norfolk, VA______ _ 07/12/99__
[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: ____147_____
Form 13F Information Table Value Total: $__604673___
(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 7 10000 PRN
SOLE 10000
AICI Capital Trust 9% Pfd. PFD 001338201 2040 100745 SH
SOLE 100745
AT&T Capital Corp. Qtly Pfd. 8 PFD 00206j308 3991 163320 SH
SOLE 163320
Abn Amro Capital Fund II 7.125 PFD 00371t206 474 21600 SH
SOLE 21600
Armstrong World Prd. 7.45% PFD 042476606 450 20000 SH
SOLE 20000
Bear Stearns Cap Tr II 7.50% ( PFD 07383j209 690 30000 SH
SOLE 30000
Bellsouth Cap Fund PFD 079857207 252 10000 SH
SOLE 10000
Conseco Financial Trust V 8.70 PFD 20847d205 527 23700 SH
SOLE 23700
EDF London Cap 8.625% Pfd. Ser PFD 268316205 407 16900 SH
SOLE 16900
Hartford Capital II Series B Q PFD 416320208 229 9200 SH
SOLE 9200
Lehman Bros Cap. Trust II 7.8 PFD 52518g209 917 40000 SH
SOLE 40000
Lincoln National Capital Pfd. PFD 53417p209 890 40000 SH
SOLE 40000
MediaOne Financing Pfd B PFD 583938204 286 11800 SH
SOLE 11800
Motorola Capital Trust I 6.68% PFD 620074203 639 30000 SH
SOLE 30000
NB Capital Trust (BAC) 7.84% PFD 628956203 6205 252640 SH
SOLE 252640
Nova Chemicals Corp. 9.04% (01 PFD 66977w307 701 30000 SH
SOLE 30000
PWG Capital Trust I 8.30% (12 PFD 69366e201 550 22400 SH
SOLE 22400
Public Storage Cum. Pfd. C (Fr PFD 74460d505 240 10800 SH
SOLE 10800
Public Storage Pfd 8.25% PFD 74460d760 977 42375 SH
SOLE 42375
Resource Bank Preferred 9.25% PFD 761201201 229 9650 SH
SOLE 9650
Southern Co. 7.75% Pfd. A PFD 84258t208 431 18180 SH
SOLE 18180
TCI 8.72% pf. PFD 872285200 6846 272483 SH
SOLE 272483
Talisman Energy 9% Pfd Ser 2/1 PFD 87425e400 549 23000 SH
SOLE 23000
Textron Capital I 7.92% (02/09 PFD 883198202 709 30000 SH
SOLE 30000
US Bancorp Pfd. 7.2% PFD 90332m200 372 17000 SH
SOLE 17000
Unionbancal Finance Tr I 7.375 PFD 90905q109 666 30000 SH
SOLE 30000
ACNielsen Corp. COM 004833109 3951 174145 SH
SOLE 174145
AFLAC Inc COM 001055102 14793 353276 SH
SOLE 353276
ALLTEL Corp COM 020039103 705 10015 SH
SOLE 10015
AT&T Corp COM 001957109 8492 195209 SH
SOLE 195209
Abbott Laboratories COM 002824100 1039 28332 SH
SOLE 28332
Aegon N. V. Ord. COM 007924103 1096 12668 SH
SOLE 12668
Allied Signal COM 019512102 15681 261625 SH
SOLE 261625
AmSouth Bancshares COM 032165102 238 10161 SH
SOLE 10161
America Online Inc COM 02364j104 630 6050 SH
SOLE 6050
American Express COM 025816109 11474 84992 SH
SOLE 84992
American Home Products COM 026609107 453 10920 SH
SOLE 10920
American Intl Group COM 026874107 16041 184508 SH
SOLE 184508
Ameritech COM 030954101 371 5556 SH
SOLE 5556
Atlantic Richfield COM 048825103 269 3030 SH
SOLE 3030
BB&T Corporation COM 5255 162305 SH
SOLE 162305
BP Amoco PLC-Spons ADR COM 055622104 628 5670 SH
SOLE 5670
Bank of America Corp. COM 060505104 13676 245581 SH
SOLE 245581
Bell Atlantic COM 077853109 246 3662 SH
SOLE 3662
BellSouth Corp COM 079860102 722 16046 SH
SOLE 16046
Berkshire Hathaway Class B COM 084670207 351 189 SH
SOLE 189
Bristol Myers Squibb COM 110122108 5715 84674 SH
SOLE 84674
CCB Financial COM 124875105 10389 249579 SH
SOLE 249579
COMPAQ Computers COM 204493100 352 15400 SH
SOLE 15400
CVS Corp COM 126650100 4883 119655 SH
SOLE 119655
Carnival Corp 'A COM 143658102 2781 63935 SH
SOLE 63935
Cenit Bancorp Inc COM 15131w109 484 26725 SH
SOLE 26725
Centura Banks Inc COM 15640t100 615 14871 SH
SOLE 14871
Charles Schwab Corp COM 808513105 980 29300 SH
SOLE 29300
Chase Manhattan Corp COM 16161a108 5373 71282 SH
SOLE 71282
Chevron Corp COM 166751107 564 6358 SH
SOLE 6358
Circuit City Stores Inc COM 172737108 221 5240 SH
SOLE 5240
Cisco Systems COM 17275r102 415 6054 SH
SOLE 6054
Citigroup COM 172967101 6782 154129 SH
SOLE 154129
Coca Cola Company COM 191216100 1304 27022 SH
SOLE 27022
Colgate Palmolive Co COM 194162103 10079 220313 SH
SOLE 220313
Computer Sciences COM 205363104 287 4080 SH
SOLE 4080
Cox Communications Inc COM 224044107 1813 43420 SH
SOLE 43420
Disney (Walt) Co. COM 254687106 10220 393079 SH
SOLE 393079
Dollar Tree Stores COM 256747106 14901 373110 SH
SOLE 373110
Du Pont E.I. De Nemours and Co COM 263534109 660 10902 SH
SOLE 10902
Duke Energy Corp. COM 264399106 448 8135 SH
SOLE 8135
EMC Corp. COM 268648102 895 12540 SH
SOLE 12540
Eli Lilly COM 532457108 648 10090 SH
SOLE 10090
Enron Corp. COM 293561106 340 8280 SH
SOLE 8280
Equifax, Inc COM 294429105 11348 403478 SH
SOLE 403478
Exxon Corporation COM 302290101 2791 36727 SH
SOLE 36727
Federal Natl Mtg Assoc COM 313586109 12580 200677 SH
SOLE 200677
First Data Corp. COM 319963104 2280 51970 SH
SOLE 51970
First Union Corp COM 337358105 310 8693 SH
SOLE 8693
Ford Motor COM 345370100 263 5243 SH
SOLE 5243
Fortune Brands (formerly Amer. COM 349631101 952 29505 SH
SOLE 29505
GTE Corp. COM 362320103 391 5091 SH
SOLE 5091
General Electric COM 369604103 10319 87034 SH
SOLE 87034
Gillette Co COM 375766102 6451 190088 SH
SOLE 190088
Heilig-Meyers COM 422893107 87 18279 SH
SOLE 18279
Hewlett-Packard Company COM 428236103 398 4385 SH
SOLE 4385
Home Depot COM 437076102 219 3192 SH
SOLE 3192
Intel Corporation COM 458140100 13603 183048 SH
SOLE 183048
International Business Machine COM 459200101 2518 20806 SH
SOLE 20806
Jefferson-Pilot Corporation COM 475070108 1975 31258 SH
SOLE 31258
Johnson & Johnson COM 478160104 10238 111433 SH
SOLE 111433
Lowe's Companies COM 548661107 18518 379864 SH
SOLE 379864
Lucent Technologies COM 549463107 3039 46841 SH
SOLE 46841
MCI WorldCom COM 55268b106 136639 1901062 SH
SOLE 1901062
Masco Corp COM 574599106 316 10200 SH
SOLE 10200
McDonald's Corp. COM 580135101 13551 313320 SH
SOLE 313320
Mellon Bank Corp COM 585509102 239 7100 SH
SOLE 7100
Merck & Co COM 589331107 15125 233362 SH
SOLE 233362
Merrill Lynch COM 590188108 243 3600 SH
SOLE 3600
Microsoft Corp COM 594918104 2121 23415 SH
SOLE 23415
MidAmerican Energy Holdings Co COM 59562v107 10502 356011 SH
SOLE 356011
Minnesota Mining & Manufacturi COM 604059105 561 5840 SH
SOLE 5840
Mobil Corporation COM 607059102 7184 71301 SH
SOLE 71301
Motorola, Inc COM 620076109 1133 12870 SH
SOLE 12870
Nestle SA-ADR COM 641069406 282 3000 SH
SOLE 3000
New York Times COM 650111107 7717 205782 SH
SOLE 205782
Norfolk Southern Corporation COM 655844108 510 20822 SH
SOLE 20822
Nortel Works Corp-formerly Nrt COM 656569100 618 12110 SH
SOLE 12110
Oracle Systems Corp COM 68389x105 25358 557319 SH
SOLE 557319
Pepsico Inc. COM 713448108 11592 380078 SH
SOLE 380078
Pfizer, Inc. COM 717081103 2004 55857 SH
SOLE 55857
Pharmacia & Upjohn COM 716941109 377 7605 SH
SOLE 7605
Philip Morris COM 718154107 487 14255 SH
SOLE 14255
Playtex COM 72813p100 6591 446867 SH
SOLE 446867
Proctor & Gamble COM 742718109 847 9038 SH
SOLE 9038
Providian (Formerly Capital Ho COM 74406a102 1639 20700 SH
SOLE 20700
Qwest Communications COM 749121109 2181 73776 SH
SOLE 73776
Regions Financial COM 758940100 216 7200 SH
SOLE 7200
Resource Bankshares Corp. COM 76121r104 3489 234534 SH
SOLE 234534
Royal Dutch Petrol. COM 780257804 636 10770 SH
SOLE 10770
SBC Communications, Inc. COM 78387g103 849 16630 SH
SOLE 16630
Schering-Plough Corporation COM 806605101 6612 151569 SH
SOLE 151569
Smithfield Foods COM 832248108 479 18100 SH
SOLE 18100
SouthTrust Corp COM 844730101 452 12595 SH
SOLE 12595
Southern Co COM 842587107 320 12410 SH
SOLE 12410
Sun Microsystems COM 866810104 19589 210636 SH
SOLE 210636
SunTrust Banks COM 867914103 308 4682 SH
SOLE 4682
Telespectrum Worldwide COM 87951u109 3783 637150 SH
SOLE 637150
Texaco Inc COM 881694103 384 6076 SH
SOLE 6076
Texas Instruments COM 882508104 299 3640 SH
SOLE 3640
Time Warner Inc COM 887315109 12337 203071 SH
SOLE 203071
Tyco International, Ltd. 'New' COM 902124106 24084 233261 SH
SOLE 233261
United Dominion Realty Tr COM 910197102 123 11000 SH
SOLE 11000
Vodafone Airtouch PLC-SP ADR COM 92857t107 285 1200 SH
SOLE 1200
WLR Foods Inc COM 929286102 82 12000 SH
SOLE 12000
Wachovia Corp COM 929771103 367 4673 SH
SOLE 4673
Wal-Mart Stores COM 931142103 606 12749 SH
SOLE 12749
Warner Lambert Company COM 934488107 621 9354 SH
SOLE 9354
Xerox Corp COM 984121103 5811 138560 SH
SOLE 138560
WorldCom Jan '00 @ 25.00 CALL 97999q002 -12047 -2570 SH
CALL SOLE -2570
WorldCom Jan '00 @ 30.00 CALL 97999q010 -19753 -4703 SH
CALL SOLE -4703
Baron Small Cap COM 068278308 165 12334.751SH
SOLE 12334.751
Capital World Growth & Income COM 140543109 269 9844.199 SH
SOLE 9844.199
Fidelity Contrafund COM 316071109 280 4670.746 SH
SOLE 4670.746
Fidelity Magellan COM 316184100 539 4465.712 SH
SOLE 4465.712
Fidelity Spartan Market Index COM 315912204 208 2365.180 SH
SOLE 1182.590
S&P Industrial Portfolio 98C COM 294710595 21 19005.170SH
SOLE 19005.170
Select Ten 982 Dow COM 294710611 21 20830.868SH
SOLE 20830.868
Torray COM 891402109 313 8009.651 SH
SOLE 8009.651
Vanguard Special Health Care COM 921908307 235 2539.769 SH
SOLE 1443.701
</TABLE>
