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 28, 2002
  
  
                              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 28, 2002,  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 219,874 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 increasing
  per share  earnings and book value,  providing an attractive  investment for the
  Company's  funds,  and  decreasing the potential  diluting  effect caused by the
  future exercise of stock options.
  
  Share  repurchases  will be made over a period of not  greater  than twelve (12)
  months.  During this twelve-month period, the Company may purchase shares of its
  common  stock at certain  times and price  levels that are  satisfactory  to the
  Company.  The repurchase program 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 options.
  
  Incorporated  herein by  reference,  as Exhibit  7(c) (1.) is the press  release
  issued by the Company on June 28, 2002,  announcing  the above stock  repurchase
  program.
  
  ITEM 7.   FINANCIAL STATEMENTS AND EXHIBITS
  
  (c)  Exhibits.
  
       1.   Press release dated June 28, 2002.
  
  <PAGE>
  
                                     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 28, 2002                              Chief Financial Officer
                                                    Secretary
  
  <PAGE>
  
  EXHIBIT 1.  PRESS RELEASE DATED JUNE 28, 2002
  
  
  First South Bancorp, Inc.
  
  PRESS RELEASE                                     FOR IMMEDIATE RELEASE
                                                    ---------------------
  June 28, 2002                                     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 (the "Bank"),  headquartered in Washington,  North Carolina,  reports
  that it has completed a previously  announced stock repurchase  program.  During
  the past twelve  months,  the Company  purchased  221,564  shares of the 229,857
  shares  approved  under  that  plan at an  average  price of  $23.27  per  share
  (adjusted for a three-for-two stock split on April 19, 2002).
  
  Simultaneously, the Company announces it has adopted a new program to repurchase
  an  additional  5.0% of its  issued  and  outstanding  shares of  common  stock,
  representing   219,874  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 to be completed
  within twelve months.  During this twelve-month period, the Company may purchase
  shares  of its  common  stock  at  certain  times  and  price  levels  that  are
  satisfactory  to the Company.  The repurchase  program will be effected  through
  open market purchases,  unsolicited  negotiated  transactions,  or in such other
  manner as will comply with  applicable law.  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 has been serving the citizens of eastern North  Carolina  since
  1902 and offers a variety of financial products and services.  The bank operates
  through its main office  located in  Washington,  NC with 21 full service branch
  offices located in eastern and southeastern North Carolina.
  
  Statements  contained  in this  release,  which are not  historical  facts,  are
  forward-looking  statements as defined in the Private  Litigation  Reform Act of
  1995.  Such  forward-looking  statements are subject to risks and  uncertainties
  which could  cause  actual  results to differ  materially  from those  currently
  anticipated  due to a number of factors which  include,  but are not limited to,
  factors  discussed in documents  filed by the Company  with the  Securities  and
  Exchange Commission from time to time.
  
  (Nasdaq: FSBK)
metadata_documents: [{"type": "8-K", "sequence": "1", "filename": "x8k-602.txt", "description": "FIRST SOUTH BANCORP, INC.", "secsgml_size_bytes": 6778}]
metadata_filer: {"company-data": {"conformed-name": "FIRST SOUTH BANCORP INC /VA/", "cik": "0001027183", "assigned-sic": "6022", "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": "02690760"}, "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 28, 2002
  
                              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 28, 2002,  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 219,874 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 increasing
  per share  earnings and book value,  providing an attractive  investment for the
  Company's  funds,  and  decreasing the potential  diluting  effect caused by the
  future exercise of stock options.
  
  Share  repurchases  will be made over a period of not  greater  than twelve (12)
  months.  During this twelve-month period, the Company may purchase shares of its
  common  stock at certain  times and price  levels that are  satisfactory  to the
  Company.  The repurchase program 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 options.
  
  Incorporated  herein by  reference,  as Exhibit  7(c) (1.) is the press  release
  issued by the Company on June 28, 2002,  announcing  the above stock  repurchase
  program.
  
  ITEM 7.   FINANCIAL STATEMENTS AND EXHIBITS
  
  (c)  Exhibits.
  
       1.   Press release dated June 28, 2002.
  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 28, 2002                              Chief Financial Officer
                                                    Secretary
  EXHIBIT 1.  PRESS RELEASE DATED JUNE 28, 2002
  
  First South Bancorp, Inc.
  
  PRESS RELEASE                                     FOR IMMEDIATE RELEASE
                                                    ---------------------
  June 28, 2002                                     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 (the "Bank"),  headquartered in Washington,  North Carolina,  reports
  that it has completed a previously  announced stock repurchase  program.  During
  the past twelve  months,  the Company  purchased  221,564  shares of the 229,857
  shares  approved  under  that  plan at an  average  price of  $23.27  per  share
  (adjusted for a three-for-two stock split on April 19, 2002).
  
  Simultaneously, the Company announces it has adopted a new program to repurchase
  an  additional  5.0% of its  issued  and  outstanding  shares of  common  stock,
  representing   219,874  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 to be completed
  within twelve months.  During this twelve-month period, the Company may purchase
  shares  of its  common  stock  at  certain  times  and  price  levels  that  are
  satisfactory  to the Company.  The repurchase  program will be effected  through
  open market purchases,  unsolicited  negotiated  transactions,  or in such other
  manner as will comply with  applicable law.  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 has been serving the citizens of eastern North  Carolina  since
  1902 and offers a variety of financial products and services.  The bank operates
  through its main office  located in  Washington,  NC with 21 full service branch
  offices located in eastern and southeastern North Carolina.
  
  Statements  contained  in this  release,  which are not  historical  facts,  are
  forward-looking  statements as defined in the Private  Litigation  Reform Act of
  1995.  Such  forward-looking  statements are subject to risks and  uncertainties
  which could  cause  actual  results to differ  materially  from those  currently
  anticipated  due to a number of factors which  include,  but are not limited to,
  factors  discussed in documents  filed by the Company  with the  Securities  and
  Exchange Commission from time to time.
  
  (Nasdaq: FSBK)