First South Bancorp, Inc. Recognized as the 50th Most Efficient Bank Holding Company in the United States by American Banker
March 08 2007 - 11:14AM
PR Newswire (US)
WASHINGTON, N.C., March 8 /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 50th most efficient bank holding company
among the largest 500 in the United States. The listing, which
appeared in the March 7, 2007 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 third 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 by the American
Banker as the 50th most efficient bank holding company in the
United States as of September 30, 2006. Their ranking further
exemplifies the 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 one of the top two most efficient 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, +1-252-946-4178, both of
First South Bancorp, Inc. Web site: http://www.firstsouthnc.com/
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