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) March 23, 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 March 23, 2006, the Board of Directors (the "Board") of First South Bancorp,
Inc. (the "Company") adopted a resolution pursuant to the Bylaws of the Company
to reduce the Board from eight to seven members, effective with the retirement
of Mr. Edmund T. Buckman, Jr. as a director of the Company upon the expiration
of his term as a director at the Annual Meeting of Stockholders to be held on
May 25, 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

                                                 First South Bancorp, Inc.
                                                 (Registrant)


Date: March 29, 2006                             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": "06719772"}, "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) March 23, 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 March 23, 2006, the Board of Directors (the "Board") of First South Bancorp,
Inc. (the "Company") adopted a resolution pursuant to the Bylaws of the Company
to reduce the Board from eight to seven members, effective with the retirement
of Mr. Edmund T. Buckman, Jr. as a director of the Company upon the expiration
of his term as a director at the Annual Meeting of Stockholders to be held on
May 25, 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

                                                 First South Bancorp, Inc.
                                                 (Registrant)

Date: March 29, 2006                             By: /s/ William L. Wall
                                                     -------------------
                                                     William L. Wall
                                                     Executive Vice President
                                                     Chief Financial Officer and
                                                     Secretary