September 19, 1902, 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 homeownership
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 it’s 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 added.
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 servicing personnel.
If you wish to find out more about First South Leasing, please click
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 USBanker 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, 2004 the Bank
completed its aquisition 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 Carolina.
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 at 1-800-946-4178.