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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):
November 30, 1999
NewSouth Bancorp, Inc.
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(Exact Name of Registrant as Specified in Charter)
Virginia 0-22219 56-1999749
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(State or Other (Commission (I.R.S. Employer
Jurisdiction of File Number) Identification No.)
Incorporation)
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 2. ACQUISITION AND DISPOSITION OF ASSETS
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(a) On November 30, 1999, NewSouth Bancorp, Inc. (the
"Company") consummated its acquisition of Green Street Financial
Corp ("Green Street"), the holding company of Home Federal
Savings and Loan Association ("Home Federal"), a federally
chartered stock savings and loan association which operated
three offices located in Fayetteville and Lumberton, North
Carolina. Under the terms of the Agreement and Plan of Merger
dated as of August 9, 1999, the Company acquired Green Street
for a cash purchase price of $59.2 million, which represented
$15.25 per share of Green Street common stock. At September 30,
1999, Green Street had total assets of $160.9 million, deposits
of $100.8 million and stockholders' equity of $58.6 million.
This acquisition is expected to be accounted for under the
purchase method of accounting. The source of funds for the
acquisition was cash on hand plus funds borrowed from the
Federal Home Loan Bank of Atlanta.
(b) The equipment and other physical property acquired by
the Company in the acquisition were used by Green Street for its
banking business and will continue to be used by the Company for
its banking business.
Information regarding this acquisition is set forth in the
Company's press release dated December 1, 1999, attached hereto
as Exhibit 99.3 and incorporated herein by reference.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION
AND EXHIBITS
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Exhibit Description
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2 Agreement and Plan of Merger dated August 9, 1999, by
and among NewSouth Bancorp, Inc., NewSouth Bank,
Washington Financial Corp., Green Street Financial
Corp and Home Federal Savings and Loan Association
(incorporated herein by reference from Exhibit 2 to
the Company's Current Report on Form 8-K dated August
16, 1999)
99.1 Financial Statements of Business Acquired: To be
filed by amendment as soon as practicable but not
later than 60 days from the date this Current Report
on Form 8-K is required to be filed, or February 14,
2000
99.2 Pro Forma Financial Information: To be filed by
amendment as soon as practicable but not later than
60 days from the date this Current Report on Form 8-K
is required to be filed, or February 14, 2000
99.3 Press Release, dated December 1, 1999
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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.
Date: December 1, 1999 By: /s/ Thomas A. Vann
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Thomas A. Vann
President
EXHIBIT 99.3
PRESS RELEASE
DECEMBER 1, 1999
NEWSOUTH BANCORP, INC. FOR IMMEDIATE RELEASE
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For More Information Contact:
Bill Wall or Tom Vann
(252) 946-4178
NEWSOUTH BANCORP, INC.
ACQUIRES GREEN STREET FINANCIAL CORP
AND HOME FEDERAL SAVINGS AND LOAN ASSOCIATION
AND CHANGES THE NAME OF NEWSOUTH BANK TO
FIRST SOUTH BANK
Washington, North Carolina-NewSouth Bancorp, Inc. (Nasdaq:NSBC)
NewSouth Bancorp, Inc., the parent holding company of NewSouth
Bank, annouces that on November 30, 1999 it completed the
acquisition of Green Street Financial Corp ("Green Street"),
parent holding company of Home Federal Savings and Loan
Association ("Home Federal") headquartered in Fayetteville,
North Carolina. In the transaction, NewSouth Bancorp acquired
Green Street for a cash purchase price of $59.2 million, which
represented $15.25 per share of Green Street common stock.
Upon completion of the acquisition, Home Federal was merged with
and into NewSouth Bank. Prior to the acquisition, Home Federal
operated three offices in Fayetteville and Lumberton, North
Carolina.
Concurrently with the acquisition, NewSouth Bank changed its
name to First South Bank.
At September 30, 1999, Green Street had total assets of $160.9
million, deposits of $100.8 million and stockholders' equity of
$58.6 million. At September 30, 1999, NewSouth Bancorp had total
assets of $292.3 million, total deposits of approximately $234.6
million and stockholders' equity of $48.8 million.
"With the completion of the acquisition of Green Street and Home
Federal, we have expanded our market to southeastern North
Carolina", stated Tom Vann, President of NewSouth Bancorp. "We
are looking forward to offering our banking services to new
customers."
First South Bank now serves eastern North Carolina from its main
office located in Washington, North Carolina with full service
branch offices located in Chocowinity, Greenville, Elizabeth
City, Fayetteville, Kinston, Lumberton, New Bern, Rocky Mount
and Washington, North Carolina.
