First South Bancorp, Inc. serves as the holding company for First South Bank, a North Carolina-chartered commercial bank (the Bank). The Company’s principal business is overseeing the business of the Bank and operating, through the Bank a commercial banking business. The Bank operates in one segment, which includes providing of commercial banking services to its markets located in the state of North Carolina. The Bank’s principal business consists of attracting deposits from the general public and investing these funds in commercial real estate loans, commercial business loans, consumer loans and loans secured by first mortgages on owner-occupied, single-family residences in the Bank’s market area. The Bank derives its income principally from interest and fees earned on loans and investments, loan servicing and other fees, gains on the sale of loans and investments, and service charges and fees collected on deposit accounts.
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