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: May 8, 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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Item 5. Other Events.
On April 16, 1998, NewSouth Bancorp, Inc. ( the "Company") adopted a program to
repurchase up to 5% of its issued and outstanding shares of common stock,
representing 145,475 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
exercise of stock option.
Incorporated herein by reference as Exhibit 7(c)(1.) is the press release issued
by the Company on April 17, 1998, announcing the above stock repurchase program.
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Item 7. Financial Statements and Exhibits
(c) Exhibits.
1. Press release dated April 17, 1998 announcing the stock repurchase
program:
NewSouth Bancorp, Inc.
PRESS RELEASE FOR IMMEDIATE RELEASE
April 17, 1998 For More Information Contact:
NEWSOUTH BANCORP, INC. Thomas A. Vann
(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 on NewSouth
Bank (the "Bank") headquartered in Washington, North Carolina, announced today
that it has adopted a program to repurchase 5.0% of its issued and outstanding
shares of common stock, representing approximately 145,475 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.
Thomas A. Vann, President 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 exercise of stock options.
NewSouth Bank operates through 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 mortgage
production office in Wilmington, North Carolina.
(Nasdaq:NSBC)
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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.
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(Registrant)
Date: May 8, 1998 /s/ William L. Wall
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William L. Wall
Executive Vice President
Chief Financial Officer
Secretary
