First South Bancorp, Inc. (FSBK)

[56Chevy]

Hey LM...good to see you.

EI hasn't seen this one yet but I know he would notice the same thing in that most of their earnings this qtr came from reversing llp.

I really had no interest in this bank from an investment stand-point but it is a decent acquisition target for someone else and for that reason put it on the map.

They don't owe TARP. They're well capitalized now and they're as close to "normal" now as they've ever been since the banking melt-down of 07/08.

BV is $7.73 so it can be bought at a 15% discount right now.

There are 19 different 13F filers who hold this stock.

http://whalewisdom.com/stock/fsbk

They do still have $11.3MM in OREO that needs to go away but all in all I think it's a very solid bank.

The CEO says "they're not for sale" but what I hear in that is "the offer was too low...come again". lol..

I wouldn't be afraid of owning this bank at all!