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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-underline-style: none"><B>UNITED
STATES</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Washington, D.C. 20549</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM 8-K</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CURRENT REPORT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Date of Report (Date of earliest event reported)
August 31, 2012</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-weight: normal"><U>FIRST
SOUTH BANCORP, INC.</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Exact Name of Registrant as Specified in
Its Charter)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 33%; padding-right: 0; padding-left: 0; text-decoration: underline; text-align: center">VIRGINIA</TD>
    <TD STYLE="width: 34%; padding-right: 0; padding-left: 0; text-align: center"><U>0-22219</U></TD>
    <TD STYLE="width: 33%; padding-right: 0; padding-left: 0; text-decoration: underline; text-align: center">56-1999749</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: center">(State or other jurisdiction of</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: center">&nbsp;(Commission</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: center">&nbsp;(IRS Employer</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: center">&nbsp;incorporation or organization)</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: center">File Number)</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; text-align: center">Identification No.)</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 67%; padding-right: 0; padding-left: 0; text-align: center"><FONT STYLE="font-weight: normal"><U>1311 Carolina
    Avenue, Washington, North Carolina</U></FONT></TD>
    <TD STYLE="width: 33%; padding-right: 0; padding-left: 0; text-align: center"><FONT STYLE="font-weight: normal"><U>27889</U></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; font-size: 10pt; text-align: center">(Address of principal executive offices)</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-size: 10pt; text-align: center">&nbsp;(Zip Code)</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0"><U>(252) 946-4178</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Registrant&rsquo;s telephone number, including
area code)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>Not Applicable</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Former name or former address, if changed
since last report)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Wingdings">&#168;</FONT>
Written communications pursuant to Rule 425 under the Securities
Act (17 CFR 230.425)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Wingdings">&#168;</FONT>
Soliciting material pursuant to Rule 14a-12 under the Exchange
Act (17 CFR 240.14a-12)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Wingdings">&#168;</FONT>
Pre-commencement communications pursuant to Rule 14d-2(b)
under the Exchange Act (17 CFR 240.14d-2(b))</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Wingdings">&#168;</FONT>
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><BR CLEAR="ALL" STYLE="page-break-before: always">
<U>Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory
Arrangements of Certain Officers</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On August 31, 2012, First South Bancorp,
Inc. issued a press release reporting the departure of a director and principal executive officer, and the appointment and election
of a director and principal executive officer as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(b) Effective as of the close of business
on August 31, 2012, Thomas A. Vann, President and Chief Executive Officer and a Director of both First South Bancorp, Inc. (the
&ldquo;Company&rdquo;) and First South Bank (the &ldquo;Bank&rdquo;) a wholly-owned subsidiary of the Company, resigned from his
positions as President and Chief Executive Officer and a Director of the Company and the Bank. Mr. Vann&rsquo;s likely retirement
during the third quarter of 2012 had been previously announced.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(c) Effective as of the close of business
on August 31, 2012, Bruce W. Elder was elected as President and Chief Executive Officer of both the Company and the Bank.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(d) Effective as of the close of business
on August 31, 2012, Bruce W. Elder was also appointed as a Director of both the Company and the Bank to fill the vacancy created
by the retirement of Mr. Vann.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to the Articles of Incorporation
of the Company, as a director so chosen by the remaining directors, Mr. Elder will hold his appointed office until the next annual
meeting of stockholders at which directors are elected and until his successor is elected and qualifies. At the Company&rsquo;s
2013 annual meeting of stockholders, Mr. Elder will stand for re-election as a director of the Company for a three year period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Mr. Elder is expected to serve on the Executive
Committee of the Company&rsquo;s board of directors. He is also expected to serve on the following committees of the Bank&rsquo;s
board of directors: Executive Committee, CRA Committee, Expansion Committee and Liquidity Risk Management/Investment Committee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Mr. Elder, age 50,<B> </B>joined the Bank
on March 19, 2012 in an interim transitional position. Prior to joining the Bank, Mr. Elder was employed with Crescent Financial
Corporation and Crescent State Bank of Cary, North Carolina from 1998 to 2012. Mr. Elder served as Vice President and Secretary
of Crescent Financial Corporation and as Senior Vice President and Chief Financial Officer of Crescent State Bank.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Mr. Elder is a graduate of North Carolina
State University with a degree in Accounting and he is a Certified Public Accountant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A copy of the press release dated August
31, 2012 is attached to this Report as an exhibit (Exhibit 99.1) and is furnished herewith.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>Item 9.01. Financial Statements
and Exhibits</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">Not applicable</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">Not applicable</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">Not applicable</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in">(d)</TD><TD STYLE="text-align: justify">The following exhibit is filed herewith:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.25in">Exhibit
99.1 &ndash; Press Release dated August 31, 2012</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SIGNATURES</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to the requirements of the Securities
Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2"><B>First South Bancorp, Inc.</B></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; width: 50%">Date: September 4, 2012&nbsp;</TD>
    <TD STYLE="width: 4%">By:&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 46%">/s/ William L. Wall</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: #000000 1px solid">William L. Wall<BR>Executive Vice President<BR>
Chief Financial Officer
and <BR>
Secretary</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: 0pt; margin-top: 0pt; margin-bottom: 6pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: 0pt; margin-top: 0pt; margin-bottom: 6pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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[{"type": "8-K", "sequence": "1", "filename": "v322941_8k.htm", "description": "FORM 8-K", "secsgml_size_bytes": 17491}]
{"company-data": {"conformed-name": "FIRST SOUTH BANCORP INC /VA/", "cik": "0001027183", "assigned-sic": "6022", "irs-number": "561999749", "state-of-incorporation": "VA", "fiscal-year-end": "0907"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-22219", "film-number": "121070257"}, "business-address": {"street1": "1311 CAROLINA AVE", "city": "WASHINGTON", "state": "NC", "zip": "27889", "phone": "2529464178"}, "mail-address": {"street1": "1311 CAROLINA AVENUE", "city": "WASHINGTON", "state": "NC", "zip": "27889"}, "former-company": {"former-conformed-name": "NEWSOUTH BANCORP INC", "date-changed": "19961115"}}
UNITED
STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported)
August 31, 2012
FIRST
SOUTH BANCORP, INC.
(Exact Name of Registrant as Specified in
Its Charter)
VIRGINIA
0-22219
56-1999749
(State or other jurisdiction of
(Commission
(IRS Employer
incorporation or organization)
File Number)
Identification No.)
1311 Carolina
    Avenue, Washington, North Carolina
27889
(Address of principal executive offices)
(Zip Code)
(252) 946-4178
(Registrant's telephone number, including
area code)
Not Applicable
(Former name or former address, if changed
since last report)
Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
¨
Written communications pursuant to Rule 425 under the Securities
Act (17 CFR 230.425)
¨
Soliciting material pursuant to Rule 14a-12 under the Exchange
Act (17 CFR 240.14a-12)
¨
Pre-commencement communications pursuant to Rule 14d-2(b)
under the Exchange Act (17 CFR 240.14d-2(b))
¨
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory
Arrangements of Certain Officers
On August 31, 2012, First South Bancorp,
Inc. issued a press release reporting the departure of a director and principal executive officer, and the appointment and election
of a director and principal executive officer as follows:
(b) Effective as of the close of business
on August 31, 2012, Thomas A. Vann, President and Chief Executive Officer and a Director of both First South Bancorp, Inc. (the
"Company") and First South Bank (the "Bank") a wholly-owned subsidiary of the Company, resigned from his
positions as President and Chief Executive Officer and a Director of the Company and the Bank. Mr. Vann's likely retirement
during the third quarter of 2012 had been previously announced.
(c) Effective as of the close of business
on August 31, 2012, Bruce W. Elder was elected as President and Chief Executive Officer of both the Company and the Bank.
(d) Effective as of the close of business
on August 31, 2012, Bruce W. Elder was also appointed as a Director of both the Company and the Bank to fill the vacancy created
by the retirement of Mr. Vann.
Pursuant to the Articles of Incorporation
of the Company, as a director so chosen by the remaining directors, Mr. Elder will hold his appointed office until the next annual
meeting of stockholders at which directors are elected and until his successor is elected and qualifies. At the Company's
2013 annual meeting of stockholders, Mr. Elder will stand for re-election as a director of the Company for a three year period.
Mr. Elder is expected to serve on the Executive
Committee of the Company's board of directors. He is also expected to serve on the following committees of the Bank's
board of directors: Executive Committee, CRA Committee, Expansion Committee and Liquidity Risk Management/Investment Committee.
Mr. Elder, age 50,
joined the Bank
on March 19, 2012 in an interim transitional position. Prior to joining the Bank, Mr. Elder was employed with Crescent Financial
Corporation and Crescent State Bank of Cary, North Carolina from 1998 to 2012. Mr. Elder served as Vice President and Secretary
of Crescent Financial Corporation and as Senior Vice President and Chief Financial Officer of Crescent State Bank.
Mr. Elder is a graduate of North Carolina
State University with a degree in Accounting and he is a Certified Public Accountant.
A copy of the press release dated August
31, 2012 is attached to this Report as an exhibit (Exhibit 99.1) and is furnished herewith.
Item 9.01. Financial Statements
and Exhibits
(a)
Not applicable
(b)
Not applicable
(c)
Not applicable
(d)
The following exhibit is filed herewith:
Exhibit
99.1 – Press Release dated August 31, 2012
SIGNATURES
Pursuant to the requirements of the Securities
Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized
First South Bancorp, Inc.
Date: September 4, 2012
By:
/s/ William L. Wall
William L. Wall
Executive Vice President
Chief Financial Officer
and
Secretary