FIRST SOUTH BANCORP, INC. (NASDAQ:FSBK) Files An 8-K Completion of Acquisition or Disposition of AssetsItem 2.01.
On November 1, 2017, the Registrant completed the Merger to the Merger Agreement. As a result of the Merger, the Registrant’s separate corporate existence ceased and CARO continued as the surviving corporation.
The disclosure set forth in the Introductory Note is incorporated herein by reference.
| Item 5.01. | Changes in Control of Registrant. |
The disclosure set forth in the Introductory Note is incorporated herein by reference.
| Item 5.02. | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers |
The directors of CARO in office immediately prior to the Merger will serve as directors of the surviving corporation. In addition, CARO has appointed Frederick N. Holscher and Lindsey A. Crisp, each of whom was a member of the Registrant’s board of directors, to the board of directors of the surviving corporation.
| Item 9.01. | Financial Statements and Exhibits. |
About FIRST SOUTH BANCORP, INC. (NASDAQ:FSBK)
First South Bancorp, Inc. is the bank holding company for First South Bank (the Bank). Through the Bank, the Company operates a commercial banking business. The Bank is a North Carolina chartered commercial bank. The Bank’s segment is providing general commercial banking services to its markets located in the state of North Carolina. The Bank’s principal business consists of attracting deposits from the general public and investing the funds in commercial real estate loans, commercial and industrial business loans, consumer loans and loans secured by first and second mortgages on owner-occupied, single-family residences in the Bank’s market area. The Bank provides both personal and business on-line banking services. Its services include mobile banking, mobile deposits, e-statements, bill paying, funds transfers between accounts, automated clearing house originations, wire transfers and stop payment orders for checks, as applicable by personal or business account type.