Sale of First South Bank knocks another N.C. financial institution

Sale of First South Bank knocks another N.C. financial institution

With First South Bank of Washington, N.C., selling this week, North Carolina loses another homegrown community bank. In the last year, nine N.C.-based banks have sold or are being sold, all but two acquired by out-of-state institutions. Many of those banks, including BNC Bancorp, Paragon Commercial and Yadkin Financial, were top performers by profitability and growth measures. But First South is a different story, with the sale coming after 18 months of efforts to force an ownership change at the company.

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