First South Bancorp, Inc. Elects Not to Participate in U.S. Treasury Capital Purchase Program
WASHINGTON, N.C., May 5 /PRNewswire-FirstCall/ -- First South Bancorp, Inc. (Nasdaq: FSBK) (the "Company"), the parent holding company of First South Bank (the "Bank"), today announced that it has declined to participate in the U.S. Treasury Department's Troubled Asset Relief Program ("TARP"). The Company received preliminary approval from the U.S. Treasury Department (the "Treasury") for funding under TARP's Capital Purchase Program ("CPP"), which is intended to provide additional capital to healthy banks.
"We appreciate receiving preliminary approval from the U.S. Treasury Department," said Tom Vann, President and Chief Executive Officer of the Company. "After careful review and consideration of the implications of CPP participation, the Board of Directors and senior management of the Company have determined not to participate in the Treasury's CPP funding. The Company's current financial condition, liquidity position and capital exceeding "well capitalized" under all regulatory standards were factors considered in this determination."
About First South Bancorp, Inc.
First South Bancorp, Inc. is headquartered in Washington, North Carolina and is the holding company for First South Bank. First South Bank offers a broad range of financial products and services, including a leasing company. The Bank also makes securities brokerage services available through an affiliation with an independent broker/dealer. The Bank operates 28 full service branch offices and a loan production office located throughout eastern, northeastern, southeastern 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 serves are available to investors through the 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, but are not limited to, factors discussed in documents filed by the Company with the Securities and Exchange Commission from time to time.
