First South resumes quarterly interest payments on trust preferreds

By Tali David

Minneapolis, July 8 - First South Bancorp, Inc. resumed quarterly interest payments due on its trust preferred securities, effective as of June 30, according to an 8-K filed with the Securities and Exchange Commission.

In order to preserve capital during the economic downturn, the company said it deferred quarterly interest payments on its trust preferred securities beginning with the payment due on March 30, 2011 but continued to accrue interest expense in its consolidated financial statements.

The company paid all accrued deferred interest of $791,000, plus $83,000 of June 30 current quarter interest, totaling $874,000, on the July 1 scheduled quarterly payment date.

First South Bancorp is the holding company for First South Bank.

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