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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
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July 16, 1998
NEWSOUTH BANCORP, INC.
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(Exact name of registrant as specified in its charter)
Delaware 0-22219 56-1999749
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(State or Other Jurisdiction (Commission (I.R.S. Employer
of Incorporation) File Number) Identification No.)
1311 Carolina Avenue, Washington, North Carolina 27889
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(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code:
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(252) 946-4178
Not Applicable
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(Former name or former address, if changed since last report)
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Item 5. Other Events
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On July 16, 1998, the registrant's Board of Directors
approved a 3-for-2 common stock split in the form of a 50% stock
dividend and an increase in the quarterly cash dividend rate.
For additional information, reference is made to the
registrant's press release dated July 16, 1998, which is
attached hereto as Exhibit 99.1 and incorporated herein by
reference.
Item 7. Financial Statements and Exhibits
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Exhibit 99.1 - Press Release dated July 16, 1998.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange
Act of 1934, the registrant has duly caused this report to be
signed on its behalf by the undersigned hereunto duly
authorized.
NewSouth Bancorp, Inc.
(Registrant)
Date: July 16, 1998 By: /s/ Thomas A. Vann
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Thomas A. Vann
President
PRESS RELEASE - July 16, 1998 FOR IMMEDIATE RELEASE:
For More Information Contact
NEWSOUTH BANCORP, INC. Thomas A. Vann or William L. Wall
(252) 946-4178
NEWSOUTH BANCORP, INC. DECLARES THREE FOR TWO STOCK SPLIT
IN THE FORM OF A 50% STOCK DIVIDEND AND AN INCREASE
IN THE QUARTERLY CASH DIVIDEND RATE
Washington, North Carolina - NewSouth Bancorp, Inc. (Nasdaq:
NSBC)
The Board of Directors of NewSouth Bancorp, Inc. today
declared a three for two stock split payable in the form of a
50% stock dividend on the Company's outstanding common stock.
The stock dividend is payable on August 19, 1998 to stockholders
of record as of July 31, 1998.
Stockholders will receive one additional share of common
stock for every two shares they hold on the record date.
Stockholders entitled to receive fractional shares will receive
cash based on the stock's closing market price on the record
date, adjusted for the dilution caused by the stock dividend.
Stock certificates for dividend shares will be mailed to
stockholders promptly following the payment date.
In addition, management anticipates the Company's next
regular quarterly cash dividend will be paid in October 1998,
and expects to increase the current dividend rate by 5% for all
outstanding shares of common stock, adjusted for the stock
dividend dilution. The current annual cash dividend rate,
adjusted for the stock dividend, of $0.267 per share will
increase to $0.28 per share. Like all possible dividends, there
are no assurances that such anticipated cash dividends will be
paid unless appropriately declared by the Board of Directors.
Tom Vann, President of the Company, stated that the Board
of Directors determined that the payment of the stock dividend
and the increase in the dividend rate were appropriate in light
of the Company's capital position, the market price of its
common stock and recent operating results. He noted that any
further dividends will depend upon the Company's financial
condition, earnings, equity structure, capital needs, regulatory
requirements and economic conditions.
NewSouth Bancorp, Inc. is the parent holding company of
NewSouth Bank, a North Carolina-chartered commercial bank. The
Bank serves eastern North Carolina from its main office located
in Washington, North Carolina with full service branch offices
located in Washington, Greenville, Elizabeth City, Kinston, New
Bern and Rocky Mount, North Carolina and a loan production
office in Wilmington, North Carolina.
Total assets of NewSouth Bancorp, Inc. at June 30, 1998
were $269.1 million and stockholders' equity was $58.5 million.
(Nasdaq: NSBC)
