UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20519
Form 13F COVER PAGE
Report for the Calendar Year or Quarter Ended: __06/30/99__________
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: ____151_____
Form 13F Information Table Value Total: $__634389___
(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 2711 112970 SH
SOLE 112970
AT&T Capital Corp. Qtly Pfd. 8 PFD 00206j308 4125 164045 SH
SOLE 164045
Abn Amro Capital Fund II 7.125 PFD 00371t206 470 20000 SH
SOLE 20000
Armstrong World Prd. 7.45% PFD 042476606 482 20000 SH
SOLE 20000
Bear Stearns Cap Tr II 7.50% ( PFD 07383j209 731 30000 SH
SOLE 30000
Conseco Financial Trust V 8.70 PFD 20847d205 574 22900 SH
SOLE 22900
Duke Cap. Fin. 7.375% PFD 26439e204 214 8800 SH
SOLE 8800
EDF London Cap 8.625% Pfd. Ser PFD 268316205 425 16900 SH
SOLE 16900
Hartford Capital II Series B Q PFD 416320208 218 8600 SH
SOLE 8600
Lehman Bros Cap. Trust II 7.8 PFD 52518g209 1000 40000 SH
SOLE 40000
Lincoln National Capital Pfd. PFD 53417p209 972 40000 SH
SOLE 40000
MediaOne Financing Pfd B PFD 583938204 282 10800 SH
SOLE 10800
Motorola Capital Trust I 6.68% PFD 620074203 701 30000 SH
SOLE 30000
NB Capital Trust (BAC) 7.84% PFD 628956203 5250 208420 SH
SOLE 208420
Nova Chemicals Corp. 9.04% (01 PFD 66977w307 754 30000 SH
SOLE 30000
PWG Capital Trust I 8.30% (12 PFD 69366e201 567 22400 SH
SOLE 22400
Public Storage Cum. Pfd. C (Fr PFD 74460d505 258 11100 SH
SOLE 11100
Public Storage Pfd 8.25% PFD 74460d760 1037 41600 SH
SOLE 41600
Resource Bank Preferred 9.25% PFD 761201201 269 10650 SH
SOLE 10650
Southern Co. 7.75% Pfd. A PFD 84258t208 454 18180 SH
SOLE 18180
TCI 8.72% pf. PFD 872285200 6632 257558 SH
SOLE 257558
Talisman Energy 9% Pfd Ser 2/1 PFD 87425e400 595 23000 SH
SOLE 23000
Textron Capital I 7.92% (02/09 PFD 883198202 742 30000 SH
SOLE 30000
US Bancorp Pfd. 7.2% PFD 90332m200 404 17000 SH
SOLE 17000
Unionbancal Finance Tr I 7.375 PFD 90905q109 726 30000 SH
SOLE 30000
ACNielsen Corp. COM 004833109 4145 137010 SH
SOLE 137010
AFLAC Inc COM 001055102 14993 313175 SH
SOLE 313175
AT&T Corp COM 001957109 10242 183504 SH
SOLE 183504
Abbott Laboratories COM 002824100 1288 28384 SH
SOLE 28384
Aegon N. V. Ord. COM 007924103 937 12668 SH
SOLE 12668
Allied Signal COM 019512102 15505 246112 SH
SOLE 246112
AmSouth Bancshares COM 032165102 236 10162 SH
SOLE 10162
America Online Inc COM 02364j104 676 6150 SH
SOLE 6150
American Express COM 025816109 10659 81911 SH
SOLE 81911
American Home Products COM 026609107 14392 250847 SH
SOLE 250847
American Intl Group COM 026874107 16715 142561 SH
SOLE 142561
Ameritech COM 030954101 471 6406 SH
SOLE 6406
BB&T Corporation COM 054937107 7147 194805 SH
SOLE 194805
BP Amoco PLC-Spons ADR COM 055622104 662 6098 SH
SOLE 6098
Bank One Corp COM 06423a103 335 5622 SH
SOLE 5622
Bank of America Corp. COM 060505104 17223 234920 SH
SOLE 234920
Bell Atlantic COM 077853109 278 4246 SH
SOLE 4246
BellSouth Corp COM 079860102 908 19696 SH
SOLE 19696
Berkshire Hathaway Class B COM 084670207 435 194 SH
SOLE 194
Bristol Myers Squibb COM 110122108 4695 66654 SH
SOLE 66654
CCB Financial COM 124875105 12464 235728 SH
SOLE 235728
COMPAQ Computers COM 204493100 399 16850 SH
SOLE 16850
CVS Corp COM 126650100 3710 73095 SH
SOLE 73095
Carnival Corp 'A COM 143658102 2084 42960 SH
SOLE 42960
Cenit Bancorp Inc COM 15131w109 539 28225 SH
SOLE 28225
Centura Banks Inc COM 15640t100 348 6167 SH
SOLE 6167
Charles Schwab Corp COM 808513105 1575 14450 SH
SOLE 14450
Chase Manhattan Corp COM 16161a108 6496 75102 SH
SOLE 75102
Chevron Corp COM 166751107 567 5968 SH
SOLE 5968
Circuit City Stores Inc COM 172737108 253 2720 SH
SOLE 2720
Cisco Systems COM 17275r102 371 5764 SH
SOLE 5764
Citigroup COM 172967101 6686 140752 SH
SOLE 140752
Coca Cola Company COM 191216100 1136 18316 SH
SOLE 18316
Colgate Palmolive Co COM 194162103 10346 105031 SH
SOLE 105031
Computer Sciences COM 205363104 282 4080 SH
SOLE 4080
Cox Communications Inc COM 224044107 1454 39490 SH
SOLE 39490
Disney (Walt) Co. COM 254687106 13415 435377 SH
SOLE 435377
Dollar Tree Stores COM 256747106 5541 125940 SH
SOLE 125940
Du Pont E.I. De Nemours and Co COM 263534109 807 11810 SH
SOLE 11810
Duke Energy Corp. COM 264399106 392 7206 SH
SOLE 7206
EMC Corp. COM 268648102 701 12742 SH
SOLE 12742
Eli Lilly COM 532457108 701 9790 SH
SOLE 9790
Enron Corp. COM 293561106 409 5000 SH
SOLE 5000
Equifax, Inc COM 294429105 12399 347419 SH
SOLE 347419
Exxon Corporation COM 302290101 2722 35294 SH
SOLE 35294
Federal Natl Mtg Assoc COM 313586109 12947 189693 SH
SOLE 189693
First Data Corp. COM 319963104 1666 34050 SH
SOLE 34050
First Union Corp COM 337358105 625 13273 SH
SOLE 13273
Ford Motor COM 345370100 339 6013 SH
SOLE 6013
Fortune Brands (formerly Amer. COM 349631101 1221 29505 SH
SOLE 29505
GTE Corp. COM 362320103 422 5591 SH
SOLE 5591
General Electric COM 369604103 9691 85761 SH
SOLE 85761
Gillette Co COM 375766102 7891 192452 SH
SOLE 192452
Heilig-Meyers COM 422893107 135 19879 SH
SOLE 19879
Hewlett-Packard Company COM 428236103 6464 64314 SH
SOLE 64314
Home Depot COM 437076102 206 3192 SH
SOLE 3192
Intel Corporation COM 458140100 10213 171640 SH
SOLE 171640
International Business Machine COM 459200101 512 3964 SH
SOLE 3964
Jefferson-Pilot Corporation COM 475070108 2216 33488 SH
SOLE 33488
Johnson & Johnson COM 478160104 9873 100741 SH
SOLE 100741
Lowe's Companies COM 548661107 20254 357284 SH
SOLE 357284
Lucent Technologies COM 549463107 1039 15400 SH
SOLE 15400
MCI WorldCom COM 55268b106 161684 1878683 SH
SOLE 1878683
McDonald's Corp. COM 580135101 12341 300074 SH
SOLE 300074
MediaOne Group COM 58440j104 216 2900 SH
SOLE 2900
Mellon Bank Corp COM 585509102 258 7100 SH
SOLE 7100
Merck & Co COM 589331107 16117 218900 SH
SOLE 218900
Mercury Finance Co. COM 589395102 10 60000 SH
SOLE 60000
Merrill Lynch COM 590188108 286 3600 SH
SOLE 3600
Microsoft Corp COM 594918104 2067 22915 SH
SOLE 22915
MidAmerican Energy Holdings Co COM 59562v107 12672 365971 SH
SOLE 365971
Minnesota Mining & Manufacturi COM 604059105 545 6265 SH
SOLE 6265
Mobil Corporation COM 607059102 6234 63125 SH
SOLE 63125
Morgan (J.P.) COM 616880100 218 1550 SH
SOLE 1550
Motorola, Inc COM 620076109 1466 15470 SH
SOLE 15470
Nestle SA-ADR COM 641069406 270 3000 SH
SOLE 3000
New York Times COM 650111107 6330 171965 SH
SOLE 171965
Norfolk Southern Corporation COM 655844108 540 17929 SH
SOLE 17929
Oracle Systems Corp COM 68389x105 20051 540091 SH
SOLE 540091
Painewebber Group COM 695629105 234 4995 SH
SOLE 4995
Pepsico Inc. COM 713448108 13528 349682 SH
SOLE 349682
Pfizer, Inc. COM 717081103 1883 17279 SH
SOLE 17279
Philip Morris COM 718154107 692 17225 SH
SOLE 17225
Playtex COM 72813p100 6170 396467 SH
SOLE 396467
Proctor & Gamble COM 742718109 874 9788 SH
SOLE 9788
Providian (Formerly Capital Ho COM 74406a102 1945 20857 SH
SOLE 20857
Qwest Communications COM 749121109 2570 77718 SH
SOLE 77718
Regions Financial COM 758940100 277 7200 SH
SOLE 7200
Resource Bankshares Corp. COM 76121r104 4753 243734 SH
SOLE 243734
Royal Dutch Petrol. COM 780257804 715 11870 SH
SOLE 11870
SBC Communications, Inc. COM 78387g103 1014 17486 SH
SOLE 17486
Sara Lee Corp COM 803111103 212 9350 SH
SOLE 9350
Schering-Plough Corporation COM 806605101 8167 155559 SH
SOLE 155559
Smithfield Foods COM 832248108 679 20300 SH
SOLE 20300
SouthTrust Corp COM 844730101 499 12995 SH
SOLE 12995
Southern Co COM 842587107 329 12410 SH
SOLE 12410
Sun Microsystems COM 866810104 14092 204600 SH
SOLE 204600
SunTrust Banks COM 867914103 339 4882 SH
SOLE 4882
Telespectrum Worldwide COM 87951u109 5205 671650 SH
SOLE 671650
Texaco Inc COM 881694103 362 5800 SH
SOLE 5800
Texas Instruments COM 882508104 262 1820 SH
SOLE 1820
Time Warner Inc COM 887315109 13216 181975 SH
SOLE 181975
Tribune Co. COM 896047107 233 2675 SH
SOLE 2675
Tyco International, Ltd. 'New' COM 902124106 21449 226371 SH
SOLE 226371
United Dominion Realty Tr COM 910197102 169 14400 SH
SOLE 14400
WLR Foods Inc COM 929286102 97 12000 SH
SOLE 12000
Wachovia Corp COM 929771103 357 4170 SH
SOLE 4170
Wal-Mart Stores COM 931142103 648 13440 SH
SOLE 13440
Warner Lambert Company COM 934488107 508 7350 SH
SOLE 7350
Williams Cos COM 969457100 963 22634 SH
SOLE 22634
Xerox Corp COM 984121103 6043 102315 SH
SOLE 102315
WorldCom Jan '00 @ 25.00 CALL 97999q002 -15747 -2571 SH
CALL SOLE -2571
WorldCom Jan '00 @ 30.00 CALL 97999q010 -26572 -4703 SH
CALL SOLE -4703
Baron Small Cap COM 068278308 219 16425.052SH
SOLE 16425.052
Capital World Growth & Income COM 140543109 270 9785.700 SH
SOLE 9785.700
Fidelity Contrafund COM 316071109 293 4670.746 SH
SOLE 4670.746
Fidelity Dividend Growth COM 316389402 202 6291.906 SH
SOLE 3650.244
Fidelity Magellan COM 316184100 549 4228.173 SH
SOLE 4228.173
Fidelity Spartan Market Index COM 315912204 222 2344.202 SH
SOLE 1172.101
Janus Overseas COM 471023846 204 9149.798 SH
SOLE 9149.798
Mutual Qualified Fund Cl Z COM 628380206 206 11067.955SH
SOLE 7127.758
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 411 9353.878 SH
SOLE 9353.878
VanGuard Special Health Care COM 921908307 253 2539.769 SH
SOLE 1443.701
</TABLE>
