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| First South Bank |
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Mission statement:
Our mission is to become the premier community bank in eastern North Carolina. We will enhance shareholder value by serving the personal and business needs of our markets, providing superior customer service, investing in the communities that we serve, and enriching the lives of our employees. |
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Overview:
Established in 1902, First South Bank is a local community bank located throughout Eastern North Carolina. Over the past 103 years, banking products and services have evolved. However, the Bank's commitment to its community has never wavered.
We have always believed it is important to be a significant contributing member of our community. We know that, as a community bank, we have a responsibility to make a positive difference in the place we both live and serve, not because it is good for business, but because it is the right thing to do. |
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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 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 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.
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, 2004 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 Carolina.
On January 4, 2005, 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, 2005, 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, 2005 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, 2006 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. |
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Formerly known as:
Home Savings And Loan Association
Home Savings Bank, SSB
Newsouth Bank |
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