-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, DQmldWFfUMkruwySatYVqCMuqFXV0HM/GKm0BSDOmqc5qgyXSDfjrMRBICgbPcE+ V4599CnJtInUod7UqaN8PA== 0001012709-99-000296.txt : 19990517 0001012709-99-000296.hdr.sgml : 19990517 ACCESSION NUMBER: 0001012709-99-000296 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19990514 ITEM INFORMATION: ITEM INFORMATION: FILED AS OF DATE: 19990514 FILER: COMPANY DATA: COMPANY CONFORMED NAME: NEWSOUTH BANCORP INC CENTRAL INDEX KEY: 0001027183 STANDARD INDUSTRIAL CLASSIFICATION: SAVINGS INSTITUTION, FEDERALLY CHARTERED [6035] IRS NUMBER: 561999749 STATE OF INCORPORATION: VA FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 000-22219 FILM NUMBER: 99621413 BUSINESS ADDRESS: STREET 1: 1311 CAROLINA AVE CITY: WASHINGTON STATE: NC ZIP: 27889 BUSINESS PHONE: 2529464178 MAIL ADDRESS: STREET 1: 1311 CAROLINA AVENUE CITY: WASHINGTON STATE: NC ZIP: 27889 8-K 1 NEWSOUTH BANCORP, INC. - 8-K 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: May 14, 1999 NEWSOUTH BANCORP, INC. ---------------------- (Exact name of registrant as specified in its charter) Virginia 56-1999749 - ------------------------------- ------------------- (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) Commission File Number: 0-22219 1311 Carolina Avenue, Washington, North Carolina 27889 ------------------------------------------------------ (Address of principal executive offices) (Zip Code) (252) 946-4178 -------------- (Registrant's telephone number, including area code) Information To Be Included In The Report Item 5. Other Events. On May 13, 1999, NewSouth Bancorp, Inc. ( the "Company") announced that it has completed a previously announced 5% stock repurchase program and has adopted a program to repurchase an additional 5% of its issued and outstanding shares of common stock, representing 187,081 shares. The Company has determined that the repurchase of its outstanding common stock will serve the best interest of the Company and its stockholders by: (i) improving liquidity in the market for the Company's common stock; (ii) increasing per share earnings and book value; (iii) providing an attractive investment for the Company's funds; and (iv) decreasing the potential diluting effect caused by the future exercise of stock options. Share repurchases will be made from time to time over a period of not greater that twelve (12) months from the above date of adoption of the repurchase program, and will be effected through open market purchases, unsolicited negotiated transactions, or in such other manner as will comply with applicable law. The program will be dependent upon market conditions and there are no assurances as to the exact number of shares the Company may be able to repurchase. The shares of common stock acquired pursuant to the repurchase program will be treated as treasury shares on the consolidated statement of financial condition of the Company and will be used for general corporate purposes, including the future exercise of stock option. Incorporated herein by reference as Exhibit 7(c)(1.) is the press release issued by the Company on May 13, 1999, announcing the above stock repurchase program. Item 7. Financial Statements and Exhibits (c) Exhibits. 1. Press release dated May 13, 1999. 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. NewSouth Bancorp, Inc. /s/ William L. Wall - ---------------------- ----------------------------- (Registrant) William L. Wall Executive Vice President Chief Financial Officer Date: May 14, 1999 Secretary Exhibit 1. Press Release Dated February 4, 1999 NewSouth Bancorp, Inc. PRESS RELEASE FOR IMMEDIATE RELEASE May 13, 1999 For More Information Contact: Newsouth Bancorp, Inc. Bill Wall or Tom Vann (252) 946-4178 NEWSOUTH BANCORP, INC. ANNOUNCES STOCK REPURCHASE PROGRAM Washington, North Carolina - NewSouth Bancorp, Inc. (Nasdaq:NSBC) NewSouth Bancorp, Inc. (the "Company"), the parent holding company of NewSouth Bank headquartered in Washington, North Carolina, announces today that it has completed a previously announced 5.0% stock repurchase program and has adopted a program to repurchase an additional 5.0% of its issued and outstanding shares of common stock, representing 187,081 shares. The program will be dependent upon market conditions and there is no guarantee as to the exact number of shares to be repurchased by the Company. Tom Vann, President of the Company, stated that the Board of Directors has authorized the repurchase program, which is expected to be completed within one year. Repurchased shares will be held as treasury stock and will be used for general corporate purposes, including the future exercise of stock options. NewSouth Bank operates through its main office located in Washington, North Carolina with full service branch offices located in Washington, Elizabeth City, Greenville, Kinston, New Bern and Rocky Mount, North Carolina. (Nasdaq:NSBC) -----END PRIVACY-ENHANCED MESSAGE-----