Our History

On 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 here.

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.