First South Bancorp, Inc. Announces Stock Repurchase Program
January 09 2007 - 10:15AM
PR Newswire (US)
WASHINGTON, N.C., Jan. 9 /PRNewswire-FirstCall/ -- First South
Bancorp, Inc. (NASDAQ:FSBK) (the "Company"), the parent holding
company of First South Bank (the "Bank"), headquartered in
Washington, North Carolina, reports that its previously announced
stock repurchase program expired on January 8, 2007. The Company
purchased 24,481 shares of the 319,022 shares previously approved
under that plan at an average price of $35.37 per share.
Simultaneously, the Company announces it has adopted a new program
to repurchase up to 5% shares of its common stock, representing
approximately 494,370 of the current outstanding shares. The
program will be dependent upon market conditions and there is no
guarantee as to the exact number of shares that may be repurchased
by the Company. Bill Wall, Chief Financial Officer of the Company,
stated "The Board of Directors has authorized this repurchase
program and share purchases will be made over a period of not
greater than twelve months. During this twelve- month period, the
Company may purchase shares of its common stock at certain times
and price levels that are satisfactory to the Company. The
repurchase program will be effected through open market purchases,
unsolicited negotiated transactions, or in such other manner as
will comply with applicable law. Repurchased shares will be held as
treasury stock and will be used for general corporate purposes,
including the future exercise of stock options." 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
branch offices and a loan production 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 or Tom Vann (252)946-4178 Website:
http://www.firstsouthnc.com/ DATASOURCE: First South Bancorp, Inc.
CONTACT: Bill Wall or Tom Vann of First South Bancorp, Inc.,
+1-252-946-4178 Web site: http://www.firstsouthnc.com/
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