On September 19, 2020, the groundwork
was laid for what is now known as First South
Bank. With only $23,500, a group of twenty-five
incorporators organized the Home Building &
Loan Association, a financial institution aimed
at encouraging thrift and providing home ownership
for citizens of eastern North Carolina.
In January 1960, the institution name was changed
to the Home Savings & Loan Association in
order to more accurately designate its primary
functions. Then, over thirty-two years later,
in May of 1992, the Bank changed its name to Home
Savings Bank and its charter from a savings and
loan association to a state savings bank in order
to provide more services to its customers. Several
more locations were also added at this time.
In April of 1997, the Home Savings & Loan
Association became NewSouth Bank, a full-service
state commercial bank, and converted from a mutual
ownership to a stock form of ownership. Then,
in December of 1999, the name was changed to First
South Bank, and four additional locations were
In the year 2000, First South Bank continued to
grow, adding five more full service branch locations
in Rocky Mount and Tarboro, and adding a Bank
web site. In 2001, the Bank added new locations
in the Washington, Kinston, and Lumberton markets,
as well as an Operations Center and a leasing
division, First South Leasing, LLC. The Operations
Center, which is located in Washington, houses
several bank departments including accounting,
deposit operations, information technology, and
its mortgage loan processing and mortgage loan
During the year 2002, First South Bank opened
a full service branch location in Kill Devil Hills,
North Carolina, its first on the Outer Banks.
This office was the Bank’s twenty-first full service
branch location. First South also moved into North
Carolina’s capital city in 2002, opening a loan
production office in Raleigh. On September 19,
2002 the Bank celebrated its 100th Birthday.
The year 2003 brought more achievement for First
South Bank. During the summer, the Bank opened
its first full service branch location in Hope
Mills, North Carolina; it’s the Bank’s third office
in Cumberland County. The summer also brought
more recognition for the Bank, as First South
was recognized by Fortune Small Business magazine
as one of America’s "100 Fastest-Growing
Small Companies" and by US Banker magazine,
which rated First South as one of the Top 200
Publicly Traded Community Banks. On September
8, 2003 the Bank opened its first full service
branch in Raleigh.
On February 20, 2020 the Bank completed its acquisition
of two Central Carolina Bank branch offices located
in Greenville and New Bern, North Carolina, assuming
deposits of 18.4 million, giving First South Bank
twenty-three full service branch offices in North
On January 4, 2020, First South
opened a Loan Production Office (LPO) in Durham.
This is the second office in the Raleigh-Durham
and Triangle market area. On January 13, 2020,
a LPO office was opened in Avon, North Carolina.
This is the Bank’s third office in the Outer Banks
market area. The initial focus of the LPO is on
marketing First South Bank’s loan products and
services to local businesses, professionals, mortgage
customers, and commercial builders.
First South Bank continued to
see growth with the addition of a new branch office
on April 18, 2020 in Greenville, NC. This is the
second full service branch office located in Greenville.
The office includes an ATM, drive-thru windows,
and a commercial night depository.
On July 15, 2020 the Buxton office
opened for business and is First South Bank’s
third office in the North Carolina Outer Banks
market area. The Bank currently has twenty-six
full service locations and one LPO office located
throughout central, eastern, northeastern and
southeastern North Carolina.
Throughout the years, First South
Bank has received numerous recognitions for performance
by the American Banker, Business North Carolina,
Charlotte Business Journal, The News and Observer,
ABA Banking Journal, and US Banker. To view these
releases, please visit our newsroom
for more details.
At First South Bank, we look
forward to continued growth and promise to always
provide personal, quality service to our customers.
If you have any questions about the bank, or if
you would like more information about our products
and services, please feel free to contact us toll-free