FSBS News Alert First South Bancorp Inc [Sc] (FSBS) 0.6500 02/14/2015

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First South Bancorp Inc [Sc] (FSBS) 0.6500 $FSBS

First Community and First South Sign Purchase and Assumption Agreement
PR Newswire - Mon Jun 23, 8:00AM CDT
Today, First Community Bank and First South Bank jointly announced the signing of a purchase and assumption agreement for First Community to acquire approximately $43 million in deposits and $9 million in loans from First South. This represents all of the deposits and a portion of the loans at First South's Columbia banking office located at 1333 Main Street. First Community is paying a premium of $800 thousand which may be adjusted based on actual account balances at closing date. The banks expect the purchase to close by the end of the third quarter of this year following regulatory approval and the satisfaction of other customary closing conditions.
FCCO: 11.49 (+0.19)




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