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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Date of Report (Date of earliest event reported)
February 29, 2012</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&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: 34%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; layout-grid-mode: line; text-decoration: underline">VIRGINIA</TD>
    <TD STYLE="width: 33%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; layout-grid-mode: line; text-decoration: underline">0-22219</TD>
    <TD STYLE="width: 33%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; layout-grid-mode: line; text-decoration: underline">56-1999749</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; layout-grid-mode: line">(State or other jurisdiction of</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; layout-grid-mode: line">(Commission</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; layout-grid-mode: line">(IRS Employer</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; layout-grid-mode: line">incorporation or organization)</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; layout-grid-mode: line">File Number)</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; layout-grid-mode: line">Identification No.)</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <TD STYLE="width: 57%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><U>1311 Carolina Avenue, Washington,
    North Carolina</U></TD>
    <TD STYLE="width: 43%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><U>27889</U></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; layout-grid-mode: line">(Address of principal executive offices)</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; layout-grid-mode: line">(Zip Code)</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

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

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

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

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

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

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

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

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

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

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

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

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><U>Item 1.01&#9;Entry into a Material
Definitive Agreement</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">On February 29, 2012 (the &ldquo;Effective
Date&rdquo;), First South Bank (the &ldquo;Bank&rdquo;) and First South Bancorp, Inc. (the &ldquo;Company&rdquo;) amended the Change-in-Control
Protective Agreement (the &ldquo;Protective Agreement&rdquo;) with J. Randall Woodson (the &ldquo;Employee&rdquo;), that became
effective on October 3, 2008.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Amendment to the J. Randall Woodson Change-in-Control
Protective Agreement (the &ldquo;Amendment&rdquo;) amends Section 3. Severance Benefit of the Protective Agreement. The first sentence
of Section 3(a) of the Protective Agreement was amended to read as follows:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&ldquo;If the Employee becomes entitled to
collect severance benefits pursuant to Section 2 hereof, the Bank shall pay the Employee a severance benefit equal to two (2) times
the Employee&rsquo;s base annual salary at the rate in effect when the Protected Period begins.&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">No other terms, provisions, or conditions of
the Protective Agreement were amended other than stated above.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><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: 0; text-align: justify">The information set forth under Item 1.01 is
incorporated by reference into this Item 5.02.</P>

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

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

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

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="width: 5%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; layout-grid-mode: line">(a)</TD>
    <TD STYLE="width: 93%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; layout-grid-mode: line">Not applicable</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; layout-grid-mode: line">(b)</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; layout-grid-mode: line">Not applicable</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; layout-grid-mode: line">(c)</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; layout-grid-mode: line">Not applicable</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; layout-grid-mode: line">(d)</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; layout-grid-mode: line">The following exhibit is filed herewith:</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify">Exhibit 10.11(a): AMENDMENT TO THE J. RANDALL WOODSON CHANGE IN CONTROL PROTECTIVE AGREEMENT</P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">&#9;<FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B></B></FONT></P>

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

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

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

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

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    <TD STYLE="text-align: justify; layout-grid-mode: line">Date:&nbsp; March 5, 2012</TD>
    <TD COLSPAN="2" STYLE="text-align: justify; layout-grid-mode: line; text-decoration: underline">First South Bancorp, Inc.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; layout-grid-mode: line">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify; layout-grid-mode: line">(Registrant)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; layout-grid-mode: line; width: 40%">&nbsp;</TD>
    <TD STYLE="text-align: justify; layout-grid-mode: line; width: 3%">&nbsp;</TD>
    <TD STYLE="text-align: justify; layout-grid-mode: line; width: 57%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="text-align: justify; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="text-align: justify; layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="text-align: justify; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="text-align: justify; layout-grid-mode: line">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="text-align: justify; layout-grid-mode: line">By:</TD>
    <TD STYLE="text-align: justify; layout-grid-mode: line; text-decoration: underline">/s/ William L. Wall</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="text-align: justify; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="text-align: justify; layout-grid-mode: line">William L. Wall</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="text-align: justify; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="text-align: justify; layout-grid-mode: line">Executive Vice President,</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="text-align: justify; layout-grid-mode: line">&nbsp;</TD>
    <TD STYLE="text-align: justify; layout-grid-mode: line">Chief Financial Officer and Secretary</TD></TR>
</TABLE>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><B>&nbsp;</B></P>

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[{"type": "8-K", "sequence": "1", "filename": "v304690_8k.htm", "description": "CURRENT REPORT", "secsgml_size_bytes": 16700}]
{"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": "12664658"}, "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)
February 29, 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 1.01	Entry into a Material
Definitive Agreement
On February 29, 2012 (the "Effective
Date"), First South Bank (the "Bank") and First South Bancorp, Inc. (the "Company") amended the Change-in-Control
Protective Agreement (the "Protective Agreement") with J. Randall Woodson (the "Employee"), that became
effective on October 3, 2008.
The Amendment to the J. Randall Woodson Change-in-Control
Protective Agreement (the "Amendment") amends Section 3. Severance Benefit of the Protective Agreement. The first sentence
of Section 3(a) of the Protective Agreement was amended to read as follows:
"If the Employee becomes entitled to
collect severance benefits pursuant to Section 2 hereof, the Bank shall pay the Employee a severance benefit equal to two (2) times
the Employee's base annual salary at the rate in effect when the Protected Period begins."
No other terms, provisions, or conditions of
the Protective Agreement were amended other than stated above.
Item 5.02. Departure of Directors
or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
The information set forth under Item 1.01 is
incorporated by reference into this Item 5.02.
Item 9.01. Financial Statements and Exhibits
(a)
Not applicable
(b)
Not applicable
(c)
Not applicable
(d)
The following exhibit is filed herewith:
Exhibit 10.11(a): AMENDMENT TO THE J. RANDALL WOODSON CHANGE IN CONTROL PROTECTIVE AGREEMENT
2
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.
Date:  March 5, 2012
First South Bancorp, Inc.
(Registrant)
By:
/s/ William L. Wall
William L. Wall
Executive Vice President,
Chief Financial Officer and Secretary
3