First South Bancorp, Inc. (FSBK) is a bank holding company that operates through its subsidiary First South Bank, providing commercial banking services including deposit accounts, mortgage loans, commercial real estate loans, commercial business loans, and consumer loans to customers throughout eastern North Carolina. The bank maintains full-service branch offices from its main office in Washington, North Carolina, serving individuals, small businesses, and general public in the region. Founded in 1902 and headquartered in Washington, North Carolina, the company historically focused on personal and business banking, wealth management services, digital banking, cash management solutions, and leasing products.
In a major strategic change, First South Bancorp merged with Carolina Financial Corporation in November 2017, resulting in the delisting of its NASDAQ shares (FSBK) and integration of First South Bank branches under CresCom Bank operations. No significant acquisitions, partnerships, funding rounds, or new product launches have occurred for the standalone entity in the last 1-2 years, as it ceased independent public operations following the merger. The transaction expanded Carolina Financial's footprint in North Carolina while preserving local branch branding temporarily post-merger.