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: March 30, 2000
FIRST SOUTH BANCORP, INC.
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(Exact name of registrant as specified in its charter)
Virginia 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)
<PAGE>
Information To Be Included In The Report
Item 5. Other Events.
On March 29, 2000, First South Bancorp, Inc. ( the "Company") 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 168,840 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 March 30, 2000, announcing the above stock repurchase program.
Item 7. Financial Statements and Exhibits
(c) Exhibits.
1. Press release dated March 30, 2000.
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.
First South Bancorp, Inc. /s/ William L. Wall
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(Registrant) William L. Wall
Executive Vice President
Chief Financial Officer
Date: March 30, 2000 Secretary
<PAGE>
Exhibit 1. Press Release Dated March 30, 2000
First South Bancorp, Inc.
PRESS RELEASE FOR IMMEDIATE RELEASE
March 30, 2000 For More Information Contact:
First South Bancorp, Inc. Bill Wall or Tom Vann
(252) 946-4178
FIRST SOUTH BANCORP, INC.
ANNOUNCES STOCK REPURCHASE PROGRAM
Washington, North Carolina - First South Bancorp, Inc. (Nasdaq:FSBK)
First South Bancorp, Inc. (the "Company"), the parent holding company of First
South 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 168,840 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, 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.
First South Bank operates through its main office located in Washington, North
Carolina with seventeen full service branch offices located in Chocowinity,
Elizabeth City, Fayetteville, Greenville, Kinston, Lumberton, New Bern, Rocky
Mount, Tarboro and Washington, North Carolina.
(Nasdaq:FSBK)
