UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20519
Form 13F COVER PAGE
Report for the Calendar Year or Quarter Ended: __12/31/99__________
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:
________________ ______Norfolk, VA______ _ 01/27/2000__
[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: ____152_____
Form 13F Information Table Value Total: $__720189___
(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 5 10000 PRN SOLE 10000
AICI Capital Trust 9% Pfd. PFD 001338201 825 59495 SH SOLE 59495
AT&T Capital Corp. Qtly Pfd. 8 PFD 00206j308 3453 151345 SH SOLE 151345
Abn Amro Capital Fund II 7.125 PFD 00371t206 1023 51650 SH SOLE 51650
Armstrong World Prd. 7.45% PFD 042476606 407 20000 SH SOLE 20000
Bear Stearns Cap Tr II 7.50% ( PFD 07383j209 630 30000 SH SOLE 30000
Bellsouth Cap Fund PFD 079857207 222 10000 SH SOLE 10000
Conseco Financial Trust V 8.70 PFD 20847d205 455 22700 SH SOLE 22700
EDF London Cap 8.625% Pfd. Ser PFD 268316205 389 16900 SH SOLE 16900
Hartford Capital II Series B Q PFD 416320208 213 9200 SH SOLE 9200
Lehman Bros Cap. Trust II 7.8 PFD 52518g209 815 40000 SH SOLE 40000
Lincoln National Capital Pfd. PFD 53417p209 820 40000 SH SOLE 40000
MediaOne Financing Pfd B PFD 583938204 277 11800 SH SOLE 11800
Motorola Capital Trust I 6.68% PFD 620074203 636 32000 SH SOLE 32000
NB Capital Trust (BAC) 7.84% PFD 628956203 5388 246315 SH SOLE 246315
Nova Chemicals Corp. 9.04% (01 PFD 66977w307 604 30000 SH SOLE 30000
PWG Capital Trust I 8.30% (12 PFD 69366e201 497 22400 SH SOLE 22400
Public Storage Pfd 8.25% PFD 74460d760 768 38875 SH SOLE 38875
Southern Co. 7.75% Pfd. A PFD 84258t208 366 16780 SH SOLE 16780
TCI 8.72% pf. PFD 872285200 6462 255933 SH SOLE 255933
Talisman Energy 9% Pfd Ser 2/1 PFD 87425e400 420 20000 SH SOLE 20000
Textron Capital I 7.92% (02/09 PFD 883198202 645 30000 SH SOLE 30000
US Bancorp Pfd. 7.2% PFD 90332m200 336 17000 SH SOLE 17000
Unionbancal Finance Tr I 7.375 PFD 90905q109 600 30000 SH SOLE 30000
ACNielsen Corp. COM 004833109 3581 145440 SH SOLE 145440
ADC Telecommunications COM 000886101 392 5400 SH SOLE 5400
AFLAC Inc COM 001055102 16530 350306 SH SOLE 350306
ALLTEL Corp COM 020039103 2929 35420 SH SOLE 35420
AT&T Corp COM 001957109 9639 189704 SH SOLE 189704
Abbott Laboratories COM 002824100 866 23851 SH SOLE 23851
Aegon N. V. Ord. COM 007924103 1210 12668 SH SOLE 12668
America Online Inc COM 02364j104 1001 13190 SH SOLE 13190
American Express COM 025816109 10880 65442 SH SOLE 65442
American Home Products COM 026609107 543 13827 SH SOLE 13827
American Intl Group COM 026874107 20003 184996 SH SOLE 184996
Analog Devices COM 032654105 604 6500 SH SOLE 6500
Applied Materials COM 038222105 310 2445 SH SOLE 2445
Atlantic Richfield COM 048825103 242 2800 SH SOLE 2800
BB&T Corporation COM 054937107 3851 140667 SH SOLE 140667
BP Amoco PLC-Spons ADR COM 055622104 494 8332 SH SOLE 8332
Bank of America Corp. COM 060505104 12459 248244 SH SOLE 248244
Bell Atlantic COM 077853109 1033 16774 SH SOLE 16774
BellSouth Corp COM 079860102 729 15582 SH SOLE 15582
Berkshire Hathaway Class B COM 084670207 311 170 SH SOLE 170
Bristol Myers Squibb COM 110122108 6934 108024 SH SOLE 108024
Broadwing Inc COM 111620100 203 5500 SH SOLE 5500
CCB Financial COM 124875105 10192 233969 SH SOLE 233969
COMPAQ Computers COM 204493100 429 15844 SH SOLE 15844
CVS Corp COM 126650100 14161 355130 SH SOLE 355130
Carnival Corp 'A COM 143658102 5405 113040 SH SOLE 113040
Cenit Bancorp Inc COM 15131w109 479 27681 SH SOLE 27681
Centura Banks Inc COM 15640t100 254 5767 SH SOLE 5767
Charles Schwab Corp COM 808513105 1289 33700 SH SOLE 33700
Chase Manhattan Corp COM 16161a108 4119 53015 SH SOLE 53015
Chevron Corp COM 166751107 523 6038 SH SOLE 6038
Circuit City Stores Inc COM 172737108 252 5600 SH SOLE 5600
Cisco Systems COM 17275r102 944 8809 SH SOLE 8809
Citigroup COM 172967101 9341 167743 SH SOLE 167743
Coca Cola Company COM 191216100 1334 22904 SH SOLE 22904
Colgate Palmolive Co COM 194162103 14576 224253 SH SOLE 224253
Computer Associates Intl. Inc. COM 204912109 4590 65635 SH SOLE 65635
Computer Sciences COM 205363104 364 3850 SH SOLE 3850
Cox Communications Inc COM 224044107 2130 41350 SH SOLE 41350
Dell Computer Corp. COM 247025109 1726 33845 SH SOLE 33845
Disney (Walt) Co. COM 254687106 10139 346649 SH SOLE 346649
Dollar Tree Stores COM 256747106 19588 404390 SH SOLE 404390
Du Pont E.I. De Nemours and Co COM 263534109 689 10466 SH SOLE 10466
Duke Energy Corp. COM 264399106 260 5181 SH SOLE 5181
EMC Corp. COM 268648102 1375 12590 SH SOLE 12590
Eli Lilly COM 532457108 624 9390 SH SOLE 9390
Enron Corp. COM 293561106 390 8800 SH SOLE 8800
Equifax, Inc COM 294429105 380 16129 SH SOLE 16129
Ericsson L M Tel Co Cl B ADS COM 294821400 279 4240 SH SOLE 4240
Exxon Mobil Corporation COM 30231G102 14034 174196 SH SOLE 174196
Federal Natl Mtg Assoc COM 313586109 12948 207376 SH SOLE 207376
First Data Corp. COM 319963104 6541 132650 SH SOLE 132650
First Union Corp COM 337358105 341 10343 SH SOLE 10343
Ford Motor COM 345370100 266 4998 SH SOLE 4998
Fortune Brands (formerly Amer. COM 349631101 998 30172 SH SOLE 30172
GTE Corp. COM 362320103 475 6729 SH SOLE 6729
General Electric COM 369604103 13243 85574 SH SOLE 85574
General Instrument Corp COM 370120107 289 3400 SH SOLE 3400
Gillette Co COM 375766102 4835 117396 SH SOLE 117396
Heilig-Meyers COM 422893107 33 11879 SH SOLE 11879
Hewlett-Packard Company COM 428236103 476 4185 SH SOLE 4185
Home Depot COM 437076102 471 6850 SH SOLE 6850
Honeywell International Inc. COM 438516106 17109 296573 SH SOLE 296573
Intel Corporation COM 458140100 20031 243358 SH SOLE 243358
International Business Machine COM 459200101 2212 20501 SH SOLE 20501
Internet Cable Corp COM 46057x102 682 60000 SH SOLE 60000
Jefferson-Pilot Corporation COM 475070108 2020 29592 SH SOLE 29592
Johnson & Johnson COM 478160104 11919 127818 SH SOLE 127818
Lowe's Companies COM 548661107 23138 387239 SH SOLE 387239
Lucent Technologies COM 549463107 13461 179482 SH SOLE 179482
MCI WorldCom COM 55268b106 152583 2875530 SH SOLE 2875530
Manulife Financial Corp. COM 56501R106 702 55345 SH SOLE 55345
Masco Corp COM 574599106 266 10500 SH SOLE 10500
McDonald's Corp. COM 580135101 12801 317551 SH SOLE 317551
MediaOne Group COM 58440j104 223 2900 SH SOLE 2900
Mellon Financial Corp COM 58551A108 269 7900 SH SOLE 7900
Merck & Co COM 589331107 16211 241282 SH SOLE 241282
Merrill Lynch COM 590188108 300 3600 SH SOLE 3600
Microsoft Corp COM 594918104 3226 27635 SH SOLE 27635
MidAmerican Energy Holdings Co COM 59562v107 432 12835 SH SOLE 12835
Minnesota Mining & Manufacturi COM 604059105 510 5210 SH SOLE 5210
Motorola, Inc COM 620076109 1885 12800 SH SOLE 12800
Nestle SA-ADR COM 641069406 273 3000 SH SOLE 3000
New York Times COM 650111107 17966 365715 SH SOLE 365715
Norfolk Southern Corporation COM 655844108 372 18162 SH SOLE 18162
Nortel Networks Corp. COM 656569100 3444 34095 SH SOLE 34095
Oracle Systems Corp COM 68389x105 59155 527877 SH SOLE 527877
Parametric Technology Corp. COM 699173100 216 8000 SH SOLE 8000
Pepsico Inc. COM 713448108 14457 410130 SH SOLE 410130
Pfizer, Inc. COM 717081103 2065 63659 SH SOLE 63659
Pharmacia & Upjohn COM 716941109 960 21335 SH SOLE 21335
Philip Morris COM 718154107 242 10536 SH SOLE 10536
Playtex COM 72813p100 6365 414015 SH SOLE 414015
Proctor & Gamble COM 742718109 934 8523 SH SOLE 8523
Providian (Formerly Capital Ho COM 74406a102 1885 20700 SH SOLE 20700
Qwest Communications Intl COM 749121109 3308 76926 SH SOLE 76926
Resource Bankshares Corp. COM 76121r104 1842 213534 SH SOLE 213534
Royal Dutch Petrol. COM 780257804 580 9570 SH SOLE 9570
SBC Communications, Inc. COM 78387g103 1081 22182 SH SOLE 22182
Schering-Plough Corporation COM 806605101 6533 154179 SH SOLE 154179
Smithfield Foods COM 832248108 389 16222 SH SOLE 16222
SouthTrust Corp COM 844730101 446 11795 SH SOLE 11795
Southern Co COM 842587107 267 11350 SH SOLE 11350
Sun Microsystems COM 866810104 22821 294703 SH SOLE 294703
SunTrust Banks COM 867914103 252 3666 SH SOLE 3666
Telespectrum Worldwide COM 87951u109 736 103300 SH SOLE 103300
Tellabs, Inc. COM 879664100 1640 25545 SH SOLE 25545
Terayon Communications Systems COM 880775101 358 5700 SH SOLE 5700
Texaco Inc COM 881694103 363 6675 SH SOLE 6675
Texas Instruments COM 882508104 354 3665 SH SOLE 3665
Time Warner Inc COM 887315109 19854 274552 SH SOLE 274552
Tyco International, Ltd. 'New' COM 902124106 21546 552467 SH SOLE 552467
United Dominion Realty Tr COM 910197102 109 11000 SH SOLE 11000
Viacom Inc NvtgCl B COM 925524308 242 4000 SH SOLE 4000
Vodafone Airtouch PLC-SP ADR COM 92857t107 297 6000 SH SOLE 6000
WLR Foods Inc COM 929286102 69 12000 SH SOLE 12000
Wachovia Corp COM 929771103 219 3217 SH SOLE 3217
Wal-Mart Stores COM 931142103 856 12379 SH SOLE 12379
Warner Lambert Company COM 934488107 521 6364 SH SOLE 6364
Long Call WorldCom Jan 25 (02) CALL -12498 -2218 SH CALL SOLE -2218
Long Call WorldCom Jan 30 (02) CALL -24323 -4680 SH CALL SOLE -4680
Baron Small Cap COM 068278308 213 11834.751SH SOLE 11834.751
Fidelity Contrafund COM 316071109 280 4670.746 SH SOLE 4670.746
Fidelity Magellan COM 316184100 611 4473.184 SH SOLE 4473.184
Janus Overseas COM 471023846 286 7701.507 SH SOLE 7701.507
Strong Funds - Growth & Income COM 862917309 230 8035.220 SH SOLE 4017.610
Torray COM 891402109 364 8219.306 SH SOLE 8219.306
Vanguard Special Health Care COM 921908307 244 2563.874 SH SOLE 1467.806
</TABLE>
