content: 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: JUNE 25, 2001
  
                              FIRST SOUTH BANCORP, INC.
                              -------------------------
               (Exact name of registrant as specified in its charter)
  
             VIRGINIA                                               56-1999749
  -------------------------------                              -------------------
  (State or other jurisdiction of                                 (IRS Employer
   incorporation or organization)                              Identification No.)
  
                           COMMISSION FILE NUMBER: 0-22219
  
               1311 CAROLINA AVENUE, WASHINGTON, NORTH CAROLINA 27889
               ------------------------------------------------------
                      (Address of principal executive offices)
                                     (Zip Code)
  
                                   (252) 946-4178
                                   --------------
                (Registrant's telephone number, including area code)
  
  <PAGE>
  
  INFORMATION TO BE INCLUDED IN THE REPORT
  
  ITEM 5.   OTHER EVENTS.
  
  On June 25, 2001,  First South Bancorp,  Inc. (the  "Company")  announced it had
  completed a previously  announced stock repurchase program and adopted a program
  to repurchase an  additional 5% of its issued and  outstanding  shares of common
  stock, representing 153,238 shares.
  
  The Company has determined that the repurchase of its  outstanding  common stock
  will serve the best interest of the Company and its stockholders by:
  
  o    Increasing per share earnings and book value.
  o    Providing an attractive investment for the Company's funds.
  o    Decreasing the potential  diluting  effect caused by the future exercise of
       stock options.
  
  Share  repurchases  will be made from time to time over a period of not  greater
  that  twelve  (12)  months  from the above date of  adoption  of the  repurchase
  program,  and  will be  effected  through  open  market  purchases,  unsolicited
  negotiated transactions,  or in such other manner as will comply with applicable
  law.  The program  will be  dependent  upon market  conditions  and there are no
  assurances  as to the  exact  number  of  shares  the  Company  may be  able  to
  repurchase.
  
  The shares of common stock acquired  pursuant to the repurchase  program will be
  treated as treasury shares on the consolidated  statement of financial condition
  of the Company and will be used for general  corporate  purposes,  including the
  future exercise of stock option.
  
  Incorporated herein by reference as Exhibit 7(c)(1.) is the press release issued
  by the Company on June 25, 2001, announcing the above stock repurchase program.
  
  ITEM 7.   FINANCIAL STATEMENTS AND EXHIBITS
  
  (c)  Exhibits.
  
       1.   Press release dated June 25, 2001.
  
  
                                     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.                            /s/ William L. Wall
  -------------------------                            ------------------------
           (Registrant)                                William L. Wall
                                                       Executive Vice President
  Date:  June 25, 2001                                 Chief Financial Officer
                                                       Secretary
  
  EXHIBIT 1.     PRESS RELEASE DATED JUNE 25, 2001
  
  
  First South Bancorp, Inc.
  
  PRESS RELEASE                                      FOR IMMEDIATE RELEASE
                                                     ---------------------
  June 25, 2001                                      For More Information Contact:
  First South Bancorp, Inc.                          Bill Wall or Tom Vann
                                                     (252) 946-4178
  
                              FIRST SOUTH BANCORP, INC.
                         ANNOUNCES STOCK REPURCHASE PROGRAM
  
  Washington, North Carolina - First South Bancorp, Inc.  (Nasdaq: FSBK)
  
  First South Bancorp,  Inc. (the "Company"),  the parent holding company of First
  South Bank, headquartered in Washington,  North Carolina,  announces that it has
  completed a previously  announced stock repurchase program, and it has adopted a
  program to repurchase an additional 5.0% of its issued and outstanding shares of
  common stock,  representing  153,238 shares.  The program will be dependent upon
  market  conditions  and there is no  guarantee  as to the exact number of shares
  that may be repurchased by the Company.
  
  Bill Wall,  Chief  Financial  Officer of the  Company,  stated that the Board of
  Directors  has  authorized  this  repurchase  program,  and it is expected to be
  completed within one year. Repurchased shares will be held as treasury stock and
  will be used for general  corporate  purposes,  including the future exercise of
  stock options.
  
  First South Bank operates  through its main office located in Washington,  North
  Carolina,  with seventeen full service  branch offices  located in  Chocowinity,
  Elizabeth City, Fayetteville,  Greenville,  Kinston,  Lumberton, New Bern, Rocky
  Mount, Tarboro and Washington, North Carolina.
  
  (Nasdaq: FSBK)
metadata_documents: [{"type": "8-K", "sequence": "1", "filename": "x8-601.txt", "description": "FIRST SOUTH BANCORP, INC.", "secsgml_size_bytes": 5614}]
metadata_filer: {"company-data": {"conformed-name": "FIRST SOUTH BANCORP INC /VA/", "cik": "0001027183", "assigned-sic": "6035", "irs-number": "561999749", "state-of-incorporation": "VA", "fiscal-year-end": "0930"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-22219", "film-number": "1666873"}, "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"}}
text: 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: JUNE 25, 2001
  
                              FIRST SOUTH BANCORP, INC.
                              -------------------------
               (Exact name of registrant as specified in its charter)
  
             VIRGINIA                                               56-1999749
  -------------------------------                              -------------------
  (State or other jurisdiction of                                 (IRS Employer
   incorporation or organization)                              Identification No.)
  
                           COMMISSION FILE NUMBER: 0-22219
  
               1311 CAROLINA AVENUE, WASHINGTON, NORTH CAROLINA 27889
               ------------------------------------------------------
                      (Address of principal executive offices)
                                     (Zip Code)
  
                                   (252) 946-4178
                                   --------------
                (Registrant's telephone number, including area code)
  INFORMATION TO BE INCLUDED IN THE REPORT
  
  ITEM 5.   OTHER EVENTS.
  
  On June 25, 2001,  First South Bancorp,  Inc. (the  "Company")  announced it had
  completed a previously  announced stock repurchase program and adopted a program
  to repurchase an  additional 5% of its issued and  outstanding  shares of common
  stock, representing 153,238 shares.
  
  The Company has determined that the repurchase of its  outstanding  common stock
  will serve the best interest of the Company and its stockholders by:
  
  o    Increasing per share earnings and book value.
  o    Providing an attractive investment for the Company's funds.
  o    Decreasing the potential  diluting  effect caused by the future exercise of
       stock options.
  
  Share  repurchases  will be made from time to time over a period of not  greater
  that  twelve  (12)  months  from the above date of  adoption  of the  repurchase
  program,  and  will be  effected  through  open  market  purchases,  unsolicited
  negotiated transactions,  or in such other manner as will comply with applicable
  law.  The program  will be  dependent  upon market  conditions  and there are no
  assurances  as to the  exact  number  of  shares  the  Company  may be  able  to
  repurchase.
  
  The shares of common stock acquired  pursuant to the repurchase  program will be
  treated as treasury shares on the consolidated  statement of financial condition
  of the Company and will be used for general  corporate  purposes,  including the
  future exercise of stock option.
  
  Incorporated herein by reference as Exhibit 7(c)(1.) is the press release issued
  by the Company on June 25, 2001, announcing the above stock repurchase program.
  
  ITEM 7.   FINANCIAL STATEMENTS AND EXHIBITS
  
  (c)  Exhibits.
  
       1.   Press release dated June 25, 2001.
  
                                     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.                            /s/ William L. Wall
  -------------------------                            ------------------------
           (Registrant)                                William L. Wall
                                                       Executive Vice President
  Date:  June 25, 2001                                 Chief Financial Officer
                                                       Secretary
  
  EXHIBIT 1.     PRESS RELEASE DATED JUNE 25, 2001
  
  First South Bancorp, Inc.
  
  PRESS RELEASE                                      FOR IMMEDIATE RELEASE
                                                     ---------------------
  June 25, 2001                                      For More Information Contact:
  First South Bancorp, Inc.                          Bill Wall or Tom Vann
                                                     (252) 946-4178
  
                              FIRST SOUTH BANCORP, INC.
                         ANNOUNCES STOCK REPURCHASE PROGRAM
  
  Washington, North Carolina - First South Bancorp, Inc.  (Nasdaq: FSBK)
  
  First South Bancorp,  Inc. (the "Company"),  the parent holding company of First
  South Bank, headquartered in Washington,  North Carolina,  announces that it has
  completed a previously  announced stock repurchase program, and it has adopted a
  program to repurchase an additional 5.0% of its issued and outstanding shares of
  common stock,  representing  153,238 shares.  The program will be dependent upon
  market  conditions  and there is no  guarantee  as to the exact number of shares
  that may be repurchased by the Company.
  
  Bill Wall,  Chief  Financial  Officer of the  Company,  stated that the Board of
  Directors  has  authorized  this  repurchase  program,  and it is expected to be
  completed within one year. Repurchased shares will be held as treasury stock and
  will be used for general  corporate  purposes,  including the future exercise of
  stock options.
  
  First South Bank operates  through its main office located in Washington,  North
  Carolina,  with seventeen full service  branch offices  located in  Chocowinity,
  Elizabeth City, Fayetteville,  Greenville,  Kinston,  Lumberton, New Bern, Rocky
  Mount, Tarboro and Washington, North Carolina.
  
  (Nasdaq: FSBK)