FSBK First South Bancorp

WASHINGTON, N.C., Aug. 17 /PRNewswire-FirstCall/ -- First South Bancorp, Inc. (NASDAQ:FSBK), parent holding company of First South Bank, is pleased to report that First South Bank has received an "Outstanding" rating from the Federal Deposit Insurance Corporation ("FDIC") on its recently completed Community Reinvestment Act ("CRA") examination. An institution that receives an Outstanding CRA rating must have an excellent record of helping meet the credit needs of its assessment area, including low and moderate income neighborhoods, in a manner consistent with its resources and capabilities. In 1977, Congress enacted the Community Reinvestment Act to encourage federally insured depository institutions to help meet the credit needs of the communities in which they operate, including low and moderate income neighborhoods, consistent with safe and sound banking operations. Regulated financial institutions are required by law to demonstrate that their deposit facilities serve the convenience and needs of the communities in which they are chartered to do business. The convenience and needs of communities include the need for credit services as well as deposit services. Bill Wall, Executive Vice President and Chief Financial Officer for First South Bank, stated, "We are pleased that First South Bank received an "Outstanding" rating from the FDIC on its recently completed CRA examination. In order to receive an Outstanding CRA rating, the Bank had an excellent loan- to-deposit ratio, a good distribution of loans to borrowers of different income levels and businesses of different sizes, and demonstrated excellent responsiveness to community needs. The staff of First South Bank has dedicated themselves to providing a variety of community development services throughout the entire geographic market area we currently serve." First South Bank has been serving the citizens of eastern North Carolina since 1902 and offers a variety of financial products and services, including a Leasing Company and securities brokerage services through an affiliation with a broker/dealer. First South Bank operates through its main office headquartered in Washington, North Carolina, and has 26 full service branch offices and a loan production office located throughout central, eastern, northeastern and southeastern North Carolina. Statements contained in this release, which are not historical facts, are forward-looking statements as defined in the Private 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, but are not limited to, factors discussed in documents filed by the Company with the Securities and Exchange Commission from time to time. (NASDAQ:FSBK) For More Information Contact: Bill Wall (CFO) or Tom Vann (CEO) Phone: (252) 946-4178 Website: http://www.firstsouthnc.com/ DATASOURCE: First South Bancorp, Inc. CONTACT: Bill Wall, CFO, or Tom Vann, CEO, both of First South Bancorp, Inc., +1-252-946-4178 Web site: http://www.firstsouthnc.com/

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