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 11, 2006

                            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))
<PAGE>

Item 8.01     Other Events

On January 11, 2006,  First South Bancorp,  Inc. (the  "Company")  reported that
it's previously  announced stock repurchase program expired on January 10, 2006,
and it has  adopted a new  program to  repurchase  up to 5% shares of its common
stock, representing approximately 319,000 of the current outstanding 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 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 99.1 is the press release issued by
the Company on January 11, 2006, announcing the above stock repurchase program.

Item 9.01.  Financial Statements and Exhibits.

99.1 Press release dated January 11, 2006.
<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 11, 2006                  First South Bancorp, Inc.
                                        -------------------------
                                               (Registrant)

                                        By: /s/ William L. Wall
                                            ------------------------------------
                                            William L. Wall
                                            Executive Vice President
                                            Chief Financial Officer and
                                            Secretary
{"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": "06525772"}, "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) January 11, 2006

                            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 8.01     Other Events

On January 11, 2006,  First South Bancorp,  Inc. (the  "Company")  reported that
it's previously  announced stock repurchase program expired on January 10, 2006,
and it has  adopted a new  program to  repurchase  up to 5% shares of its common
stock, representing approximately 319,000 of the current outstanding 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 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 99.1 is the press release issued by
the Company on January 11, 2006, announcing the above stock repurchase program.

Item 9.01.  Financial Statements and Exhibits.

99.1 Press release dated January 11, 2006.
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 11, 2006                  First South Bancorp, Inc.
                                        -------------------------
                                               (Registrant)

                                        By: /s/ William L. Wall
                                            ------------------------------------
                                            William L. Wall
                                            Executive Vice President
                                            Chief Financial Officer and
                                            Secretary