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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):
February 18, 2000
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 February 18, 2000, First South Bank ("First South"
or the "Bank"), a wholly owned subsidiary of NewSouth Bancorp,
Inc. (the "Company"), announced that it had completed its
acquisition of five of Triangle Bank's branch offices located in
Rocky Mount, North carolina and one office located in Tarboro,
North carolina. First South assumed the deposit liabilities and
purchased certain other assets of the six branch offices. These
branches had total deposits of approximately $148 million at
February 18, 2000. On February 22, 2000, five of the six branch
offices became branch offices of the Bank, while the branch was
closed with the deposits and loans to be serviced out of a
nearby existing First South branch office.
(b) With the exception of the office that was closed, the
equipment and other physical property acquired by the Bank in
the acquisition were used by Triangle for its banking business
and will continue to be used by the Bank for its banking
business.
Information regarding this acquisition is set forth in the
Company's press release dated February 24, 2000, 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 Purchase and Assumption Agreement Among Centura Bank,
Triangle Bank and First South Bank, dated December
10, 1999 (incorporated herein by reference from
Exhibit 2 to the Company's Current Report on Form 8-K
dated December 10, 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 May 3,
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 May 3, 2000
99.3 Press Release, dated February 24, 2000
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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: February 24, 2000 By: /s/ William L. Wall
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William L. Wall
Executive Vice President and
Chief Financial Officer
EXHIBIT 99.3
PRESS RELEASE
FEBRUARY 24, 2000
NEWSOUTH BANCORP, INC. FOR IMMEDIATE RELEASE
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For More Information Contact:
Bill Wall or Tom Vann
(252) 946-4178
FIRST SOUTH BANK
COMPLETES ACQUISITION OF
SIX BRANCH OFFICES OF TRIANGLE BANK
Washington, North Carolina-NewSouth Bancorp, Inc. (Nasdaq:NSBC)
First South Bank, a wholly owned subsidiary of NewSouth Bancorp,
Inc. (Nasdaq:NSBC), announces that on February 18, 2000 it
completed the acquisition of five of Triangle Bank's branch
offices located in Rocky Mount, North Carolina and one office
located in Tarboro, North Carolina. In the acquisition, First
South Bank assumed the deposits of these branch offices,
totaling approximately $148 million.
On February 22, 2000, five of the six branch offices opened as
full service branch offices of First South Bank, while one of
the branch offices was closed with the deposits and loans
serviced out of a nearby existing First South branch office.
On announcing completion of the acquisition, Tom Vann, President
of First South Bank, stated "This acquisition represents a
continuation of the growth of our existing branch network, and
is expected to benefit First South Bank's earnings in future
periods. We look forward to offering First South Bank's
services to the customers of these branch offices and welcome
them to the First South Bank family.
In addition, this acquisition allows the Bank to leverage its
investment in technology and people and to become the second
largest bank depository in the Rocky Mount market. This
acquisition also allows NewSouth Bancorp, Inc. to further
leverage its capital and provides the Company with the
opportunity to increase its franchise value."
At December 31, 1999, NewSouth Bancorp had total assets of
approximately $441 million, total deposits of approximately $346
million and stockholders' equity of $48 million (unaudited).
First South Bank now serves eastern North Carolina from its main
office located in Washington, North Carolina with seventeen full
service branch offices located in Chocowinity, Greenville,
Elizabeth City, Fayetteville, Kinston, Lumberton, New Bern,
Rocky Mount, Tarboro and Washington, North Carolina.
