WASHINGTON, N.C., July 25, 2016 /PRNewswire/ -- First South
Bank (the "Bank"), the wholly owned subsidiary of First South
Bancorp, Inc. (NASDAQ: FSBK), is pleased to announce the purchase
of mortgage servicing rights (MSRs) of 452 high-quality Freddie Mac
and Fannie Mae loans with an unpaid principal balance of
approximately $84.6 million.
The purchase is subject to customary approval from the two investor
agencies.
The purchase brings the Bank's total value of MSRs to
approximately $2.8 million and brings
the total balance of mortgage loans serviced for others to
approximately $376.9 million.
The Bank is pleased to welcome these new customers and looks
forward to serving their other financial needs as we have done for
our clients for over 114 years. The selection of these
mortgage loans to service was based on their quality as well as
their geographic location. All of these loans are in the
state of North Carolina and a
significant portion of these borrowers reside within our Bank's
footprint.
Bruce Elder, First South Bank's
President and CEO, noted that "we are very excited about acquiring
these MSRs. Adding this servicing portfolio to our existing
book of business allows us to increase our level of noninterest
income while improving our operating efficiency as we leverage the
Bank's resources. This transaction also gives us the
opportunity to introduce our 'You First' banking principles to
these new customers."
First South Bank has been serving the citizens of eastern and
central North Carolina since 1902
and offers a variety of financial products and services to business
and individual customers. The Bank operates through its main office
headquartered in Washington,
North Carolina, and currently has
30 full service branch offices located throughout eastern and
central North Carolina.
The Bank also provides a full menu of leasing services through
its wholly-owned subsidiary, First South Leasing, LLC. In addition,
under its First South Wealth Management division, the Bank makes
securities brokerage services available through an affiliation with
an independent broker/dealer.
Additional First South Bancorp, Inc. investor information may be
accessed on our website at
www.firstsouthnc.com.
The Company's common stock symbol as traded on the NASDAQ Global
Select Market is "FSBK".
Statements contained in this release, which are not historical
facts, are forward-looking statements as defined in the Private
Securities 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 the
effects of future economic conditions, governmental fiscal and
monetary policies, legislative and regulatory changes, the risks of
changes in interest rates, the effects of competition, and
including without limitation other factors that could cause actual
results to differ materially as discussed in documents filed by the
Company with the Securities and Exchange Commission from time to
time.
For More Information Contact:
Bruce Elder, CEO (252)-940-4936
Website: www.firstsouthnc.com
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SOURCE First South Bank