First South Bancorp, Inc. Recognized as the 33rd Most Efficient Bank Holding Company in the United States by American Banker
November 29 2006 - 11:00AM
PR Newswire (US)
WASHINGTON, N.C., Nov. 29 /PRNewswire-FirstCall/ -- First South
Bancorp, Inc. (NASDAQ:FSBK) (the "Company), parent holding company
of First South Bank (the "Bank"), has been recognized by the
American Banker as the 33rd most efficient bank holding company
among the largest 500 in the United States. The listing, which
appeared in the November 21, 2006 edition of the American Banker,
was compiled by rating the largest 500 publicly held bank holding
companies in the United States based on their efficiency ratio for
the second quarter of 2006. The efficiency ratio is determined by
dividing noninterest expense by the sum of total income minus
interest expense recorded during the quarter. The American Banker
listing included only the top 150 of the largest 500 bank holding
companies in the United States. Bill Wall, Executive Vice President
and Chief Financial Officer of the Company, stated, "A good
efficiency ratio results from a combination of controlling
operating costs, net interest margin management and noninterest
income management. We are pleased to be recognized again by the
American Banker as the 33rd most efficient bank holding company in
the United States as of June 30, 2006. Their ranking further
exemplifies the growing visibility of First South Bancorp among the
banking, business and investment communities and places us at the
top of our peer group in operating efficiency. In addition, this
ranking also places us as the most efficient bank holding company
among all bank holding companies headquartered in the state of
North Carolina." 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. The
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. 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, of First South Bancorp,
Inc., +1-252-946-4178 Web site: http://www.firstsouthnc.com/
Copyright
First South Bancorp (NASDAQ:FSBK)
Historical Stock Chart
From Jun 2024 to Jul 2024
First South Bancorp (NASDAQ:FSBK)
Historical Stock Chart
From Jul 2023 to Jul 2024