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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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SCHEDULE 13D
(RULE 13d-101)
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT TO 13d-
1(a) AND AMENDMENTS THERETO FILED PURSUANT TO 13d-2(a)
(AMENDMENT NO. ____)(1)
NEWSOUTH BANCORP, INC.
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(Name of Issuer)
Common Stock, par value $.01 per share
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(Title of Class of Securities)
652495 10 2
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(CUSIP Number)
Thomas A. Vann
1311 Carolina Avenue
Washington, North Carolina 27889
(252) 946-4178
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(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
April 8, 1999
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(Date of Event Which Requires Filing of This Statement)
If the filing person has previously filed a statement on
Schedule 13G to report the acquisition that is the subject of
this Schedule 13D, and is filing this schedule because of Rule
13d-1(e), 13d-1(f) or 13d-1(g),check the following box. [ ]
Note: Schedules filed in paper format shall include a signed
original and five copies of the schedule, including all
exhibits. See Rule 13d-7(b) for other parties to whom copies
are to be sent.
(Continued on following pages)
(Page 1 of 5 pages)
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(1) The remainder of this cover page shall be filled out for a
reporting person's initial filing on this form with respect
to the subject class of securities, and for any subsequent
amendment containing information which would alter
disclosures provided in a prior cover page.
The information required on the remainder of this cover page
shall not be deemed to be "filed" for the purpose of Section
18 of the Securities Exchange Act of 1934 or otherwise
subject to the liabilities of that section of the Act but
shall be subject to all other provisions of the Act (however,
see the Notes).
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SCHEDULE 13D
CUSIP No. 652495 10 2 Page 2 of 5 Pages
1. NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Thomas A. Vann
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [ ]
(b) [ ]
3. SEC USE ONLY
4. SOURCES OF FUNDS
PF
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS
REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) [ ]
6. CITIZENSHIP OR PLACE OF ORGANIZATION
United States
NUMBER OF 7. SOLE VOTING POWER 181,619*
SHARES
BENEFICIALLY 8. SHARED VOTING POWER 30,525
OWNED BY
EACH 9. SOLE DISPOSITIVE POWER 181,619*
REPORTING
PERSON WITH 10. SHARED DISPOSITIVE POWER 30,525
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON 212,144*
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11)
EXCLUDES CERTAIN SHARES [ ]
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)** 5.86%
14. TYPE OF REPORTING PERSON
IN
* The amount shown includes 109,103 shares which may be
acquired by Mr. Vann upon the exercise of options exercisable
within 60 days of the date hereof.
** Assumes all 109,103 shares subject to options exercisable
within 60 days have been exercised.
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The class of equity security to which this statement
relates is the common stock, par value $.01 per share (the
"Common Stock"), of NewSouth Bancorp, Inc. (the
"Issuer"). The executive office of the Issuer is located at
1311 Carolina Avenue, Washington, North Carolina 27889.
Item 2. Identity and Background.
(a) Name: Thomas A. Vann
(b) Residence or Business Address: 1311 Carolina Avenue,
Washington, North Carolina 27889
(c) Present Principal Occupation: President of the Issuer.
(d) Criminal Proceeding Convictions: None
(e) Securities Laws Proceedings: None
(f) Citizenship: United States
Item 3. Source and Amount of Funds or Other Consideration.
Thomas A. Vann (the "Reporting Person") purchased with
$813,133 in personal funds and with $68,415 in funds in his
401(k) Plan, 50,642 shares of Common Stock that are owned
directly and 6,842 shares held in his 401(k) Plan. The remaining
shares consist of (i) 30,525 shares purchased by the Reporting
Person's spouse with whom the Reporting Person shares voting and
dispositive power, (ii) 8,584 shares purchased by the Reporting
Person's minor son over which shares the Reporting Person has
sole voting and dispositive power, (iii) 6,448 shares allocated
to the Reporting Person's account under the Issuer's Employee
Stock Ownership Plan (the "ESOP")and (iv) 109,103 shares that
may be acquired upon the exercise of options held by the
Reporting Person and that are exercisable within 60 days of the
date hereof.
Item 4. Purpose of Transaction.
The shares covered by this statement were acquired for
investment. Depending upon a continuing assessment and upon
future developments, the Reporting Person may determine, from
time to time or at any time, to purchase additional shares of
the Issuer for investment or to dispose of shares of the
Issuer's Common Stock. As President of the Issuer, the
Reporting Person regularly explores potential actions and
transactions which may be advantageous to the Issuer, including
possible mergers, acquisitions, reorganizations or other
material changes in the business, corporate structure,
management policies, governing instruments, securities or
regulatory or reporting obligations of the Issuer. Except as
noted above, the Reporting Person has no plans or proposals
which relate to or would result in:
(a) The acquisition by any person of additional securities of
the Issuer, or the disposition of securities of the
Issuer;
(b) An extraordinary corporate transaction, such as a merger,
reorganization or liquidation, involving the Issuer or any
of its subsidiaries;
(c) A sale or transfer of a material amount of assets of the
Issuer or any of its subsidiaries;
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(d) Any change in the present Board of Directors or management
of the Issuer, including any plans or proposals to change
the number or term of directors or to fill any existing
vacancies on the Issuer's Board of Directors;
(e) Any material change in the present capitalization or
dividend policy of the Issuer;
(f) Any other material change in the Issuer's business or
corporate structure;
(g) Changes in the Issuer's Articles of Incorporation,
Bylaws or instruments corresponding thereto or other
actions which may impede the acquisition of control of the
Issuer by any person;
(h) Causing a class of securities of the Issuer to be delisted
from a national securities exchange or to cease to be
authorized to be quoted in an inter-dealer quotation system
of a registered national securities association;
(i) A class of equity securities of the Issuer becoming
eligible for termination of registration pursuant to
Section 12(g)(4) of the Securities Exchange Act of 1934; or
(j) Any action similar to any of those enumerated above.
Item 5. Interest in Securities of the Issuer.
(a) As of the date of this Schedule 13D, the Reporting Person
beneficially owned 212,144 shares, or 5.86%, of the
Issuer's outstanding shares of Common Stock, assuming the
Reporting Person exercises all options to acquire shares of
Common Stock that are exercisable within 60 days. Such
total also includes the 30,525 shares which the Reporting
Person shares voting and dispositive power with his spouse.
(b) The Reporting Person has sole voting and dispositive power
with respect to the 66,068 shares and with respect to
109,103 shares the Reporting Person has the right to
acquire upon the exercise of options exercisable within 60
days. The Reporting Person has sole voting power with
respect to the 6,448 shares allocated to his account as a
participant in the ESOP. The Reporting Person shares
voting and dispositive power with respect to the 30,525
shares purchased by his spouse, Lee M. Vann. Ms. Vann's
residence address is 113 Palmer Place, Washington North
Carolina 27889. She is not employed, has not during the
last five years been convicted in a criminal proceeding
(excluding traffic violations or similar misdemeanors), has
not in the last five years been a party to a civil
proceeding of a judicial or administrative body of a
competent jurisdiction and was or is not subject to a
judgement, decree or final order enjoining future
violations of, or prohibiting or mandating activities
subject to, Federal or State securities laws or finding any
violation with respect to such laws, and is a United States
citizen.
(c) No other transactions in the Issuer's Common Stock were
effected by the Reporting Person during the past 60 days.
(d) No other person is known to have the right to receive or
the power to direct the receipt of dividends from, or the
proceeds from the sale of, the shares held by the
Reporting Person.
(e) Not applicable.
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Item 6. Contracts, Arrangements, Understandings or
Relationships with Respect to Securities of the Issuer.
There are no contracts, arrangements, understandings or
relationships between the Reporting Person or any other person
with respect to the Issuer's securities, including but not
limited to the transfer or voting of securities, finder's fees,
joint ventures, loan or option arrangements, puts or calls,
guarantees of profits, division of profits or loss, the giving
or withholding of proxies or otherwise.
Item 7. Material to be Filed as Exhibits.
None.
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SIGNATURE
After reasonable inquiry and to the best of my knowledge
and belief, I certify that the information set forth in this
statement is true, complete and correct.
January 10, 2000
/s/ Thomas A. Vann
Thomas A. Vann
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