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Exhibit 99
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PRESS RELEASE
MONROE, North Carolina - July 28, 2000, American Community Bancshares, Inc., the
parent company of American Community Bank, Monroe, North Carolina ("American
Community"; Nasdaq: ACBA), has filed a Registration Statement with the
Securities and Exchange Commission ("SEC") to conduct a public offering of its
Common Stock. At this time, American Community is not offering any securities
for sale because the SEC must first review the filing and grant permission
before any securities can be sold.
American Community is proposing to offer between 500,000 and 1,000,000 shares of
its Common Stock at a price yet to be determined. Assuming that there are no
significant delays resulting from the SEC's review of the filing, American
Community anticipates that the offering will begin in early to mid September.
American Community intends to sell primarily in the markets where it has
established branches in and around Union and Mecklenburg Counties. Wachovia
Securities, Inc., Charlotte, North Carolina, has agreed to stand by to offer any
shares not sold by American Community on a "best efforts" basis to its clients
in the greater Charlotte Metropolitan area through its retail division, IJL
Wachovia. The offering proceeds will be used to provide liquidity and capital to
fund expansion plans, to establish an investment portfolio and for general
corporate purposes.
The Registration Statement relating to these securities has been filed with the
SEC, but has not yet become effective. These securities may not be sold nor may
offers to buy be accepted prior to the time the Registration Statement becomes
effective.
This press release shall not constitute an offer to sell or the solicitation of
an offer to buy, nor shall there be any sale of these securities in any state or
jurisdiction in which such offer, solicitation, or sale would be unlawful prior
to registration or qualification under the securities laws of any such state or
jurisdiction.
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