UNITED STATES
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: September 24, 1998
NEWSOUTH BANCORP, INC.
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(Exact name of registrant as specified in its charter)
Delaware 56-1999749
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(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
Commission File Number: 0-22219
1311 Carolina Avenue, Washington, North Carolina 27889
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(Address of principal executive offices)
(Zip Code)
(252) 946-4178
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(Registrant's telephone number, including area code)
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Information To Be Included In The Report
Item 5. Other Events.
On September 23, 1998, NewSouth Bancorp, Inc. ( the "Company") announced that it
has completed a previously announced 5% stock repurchase program and has adopted
a program to repurchase an additional 5% of its issued and outstanding shares of
common stock, representing 207,292 shares.
The Company has determined that the repurchase of its outstanding common stock
will serve the best interest of the Company and its stockholders by:
(i) improving liquidity in the market for the Company's common stock;
(ii) increasing per share earnings and book value;
(iii) providing an attractive investment for the Company's funds; and
(iv) decreasing the potential diluting effect caused by the future
exercise of stock options.
Share repurchases will be made from time to time over a period of not greater
that twelve (12) months from the above date of adoption of the repurchase
program, and will be effected through open market purchases, unsolicited
negotiated transactions, or in such other manner as will comply with applicable
law. The program will be dependent upon market conditions and there are no
assurances as to the exact number of shares the Company may be able to
repurchase.
The shares of common stock acquired pursuant to the repurchase program will be
treated as treasury shares on the consolidated statement of financial condition
of the Company and will be used for general corporate purposes, including the
future exercise of stock option.
Incorporated herein by reference as Exhibit 7(c)(1.) is the press release issued
by the Company on September 23, 1998, announcing the above stock repurchase
program.
Item 7. Financial Statements and Exhibits
(c) Exhibits.
1. Press release dated September 23, 1998.
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. /s/ William L. Wall
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(Registrant) William L. Wall
Executive Vice President
Chief Financial Officer
Date: September 24, 1998 Secretary
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Exhibit 1. Press Release Dated September 23, 1998
NewSouth Bancorp, Inc.
PRESS RELEASE FOR IMMEDIATE RELEASE
September 23, 1998 For More Information Contact:
Newsouth Bancorp, Inc. Bill Wall
(252) 946-4178
NEWSOUTH BANCORP, INC.
ANNOUNCES STOCK REPURCHASE PROGRAM
Washington, North Carolina - NewSouth Bancorp, Inc. (Nasdaq:NSBC)
NewSouth Bancorp, Inc. (the "Company"), the parent holding company of NewSouth
Bank headquartered in Washington, North Carolina, announces today that it has
completed a previously announced 5.0% stock repurchase program and has adopted a
program to repurchase an additional 5.0% of its issued and outstanding shares of
common stock, representing 207,292 shares. The program will be dependent upon
market conditions and there is no guarantee as to the exact number of shares to
be repurchased by the Company.
Bill Wall, Executive Vice President and Chief Financial Officer of the Company,
stated that the Board of Directors has authorized the repurchase program, which
is expected to be completed within one year. Repurchased shares will be held as
treasury stock and will be used for general corporate purposes, including the
future exercise of stock options.
NewSouth Bank operates through its main office located in Washington, North
Carolina with full service branch offices located in Washington, Elizabeth City,
Greenville, Kinston, New Bern and Rocky Mount, North Carolina.
(Nasdaq:NSBC)
