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 (DATE OF EARLIEST EVENT REPORTED): JANUARY 7, 2003
  
  
                              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>
  
  ITEM 5.  OTHER EVENTS AND REQUIRED FD DISCLOSURE.
  
  On January 7, 2003, 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 209,465 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 99 is the press release issued by
  the Company on January 7, 2003, announcing the above stock repurchase program.
  
  ITEM 7.  FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS.
  
  (c)  Exhibits.
  
       99.  Press release dated January 7, 2003.
  
  <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.
  
  Date: January 7, 2003                      First South Bancorp, Inc.
                                             -------------------------
                                             (Registrant)
  
                                             By: /s/ William L. Wall
                                                 ---------------------
                                             William L. Wall
                                             Executive Vice President
                                             Chief Financial Officer and
                                             Secretary
metadata_documents: [{"type": "8-K", "sequence": "1", "filename": "x8k-103.txt", "description": "FIRST SOUTH BANCORP, INC.", "secsgml_size_bytes": 4074}]
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": "03506436"}, "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 (DATE OF EARLIEST EVENT REPORTED): JANUARY 7, 2003
  
                              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)
  ITEM 5.  OTHER EVENTS AND REQUIRED FD DISCLOSURE.
  
  On January 7, 2003, 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 209,465 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 99 is the press release issued by
  the Company on January 7, 2003, announcing the above stock repurchase program.
  
  ITEM 7.  FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS.
  
  (c)  Exhibits.
  
       99.  Press release dated January 7, 2003.
  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: January 7, 2003                      First South Bancorp, Inc.
                                             -------------------------
                                             (Registrant)
  
                                             By: /s/ William L. Wall
                                                 ---------------------
                                             William L. Wall
                                             Executive Vice President
                                             Chief Financial Officer and
                                             Secretary