First South Bank Announces Branch Openings, Relocation and Restructuring

WASHINGTON, N.C., Nov. 18, 2015 /PRNewswire/ -- First South Bank (the "Bank"), the wholly owned subsidiary of First South Bancorp, Inc. (NASDAQ: FSBK), successfully completed the relocation of its office in the Biggs Park Center in Lumberton, North Carolina to a newly constructed office at 4309 Fayetteville Road in Lumberton.  The new office was opened on Monday, November 9, 2015 and offers the citizens of Lumberton and Robeson County a new interactive form of banking with a more personal and customer-focused experience interwoven with mobile banking and digital marketing displays.  Tanner Smith, our Market Executive in Lumberton, and his staff are welcoming new and existing customers to visit this new location. 

The Bank is pleased to announce that we will be relocating our office at 202 Craven Street in New Bern, North Carolina to 412 South Front Street in New Bern.  The new location is approximately two blocks from the current location and provides ample parking, drive through banking capabilities, and an ATM.  The relocation is anticipated to take place after the close of business on Friday, December 4, 2015, with the new office opening Monday, December 7, 2015.  Our Market Executive Brent Davis and his team look forward to welcoming new and existing customers, as well as partnering with the Farmers Market to offer a great customer and community experience.  In other New Bern news, First South Bank has joined forces with the New Bern Chamber of Commerce to promote Eat, Buy and Be Local Day on Saturday, November 28, 2015.  We hope you will join us in supporting area businesses.

The Bank is also pleased to announce the opening of a Loan Production Office ("LPO") in Williamston, North Carolina on Monday, November 16, 2015.  The office is located at 1067 US Highway 17 South Suite #136 in Williamston.  Dwayne Baker, Mary Katherine Saunders and Anna Uzzell, formerly with BB&T, and Fran Bonds, formerly with Yadkin Bank, are all experienced bankers and ready to help businesses and individuals in Williamston, Martin County and surrounding communities with their financing needs.  We anticipate converting the LPO into a full-service branch office on Monday, November 30, 2015, providing deposit accounts and teller services in addition to loan products.

After a careful consideration the Bank has elected to close three existing offices located in Kitty Hawk, Kenansville and Grantsboro, North Carolina.  We look forward to continuing to serve the customers from these affected locations at our nearby offices located in Kill Devil Hills, Wallace and New Bern, North Carolina.  These offices are anticipated to close at the end of the business day on Friday, February 12, 2016. 

First South Bank has been serving the citizens of eastern and central North Carolina since 1902 and offers a variety of financial products and services, including a Leasing Company.  In addition, securities brokerage services are made available through an affiliation with an independent broker/dealer. First South Bank operates through its main office headquartered in Washington, North Carolina, and after the completion of the aforementioned activities, will operate 30 full service branch offices located throughout eastern and central North Carolina. 

First South Bancorp's common stock is listed on the NASDAQ Global Select Market under the symbol "FSBK".  Additional corporate information, product and service descriptions and online services are available to investors and customers through First South Bank's website at www.firstsouthnc.com. 

Statements contained in this release, which are not historical facts, are forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to risks and uncertainties which could cause actual results to differ materially from those currently anticipated due to a number of factors which include the effects of future economic conditions, governmental fiscal and monetary policies, legislative and regulatory changes, the risks of changes in interest rates, the effects of competition, and including without limitation to other factors that could cause actual results to differ materially as discussed in documents filed by the Company with the Securities and Exchange Commission from time to time.

(NASDAQ: FSBK)

For More Information Contact: 
Bruce Elder, CEO (252)-940-4936  
Website: www.firstsouthnc.com

SOURCE First South Bancorp, Inc.

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