First South Bancorp, Inc. (Nasdaq: FSBK), the parent holding company of First South Bank, recently achieved Freddie Mac's prestigious 2007 Tier One Gold performance ranking for excellence in investor reporting and default management. According to Freddie Mac, one of the nation's largest investors in residential mortgages, First South Bank was one of only 26 mortgage servicing companies nationwide to meet this standard. Nationally, approximately 1,500 lenders service Freddie-Mac owned loans.

"I want to personally applaud First South Bank for its outstanding commitment to foreclosure avoidance and superior investor reporting in one of the most challenging markets in recent memory," said Ingrid Beckles, vice president of default and asset management for Freddie Mac. "Freddie Mac Tier One Gold designation goes to those few mortgage servicers whose superior performance, efficiency, and dedication to customer service set the standard for our industry."

Freddie Mac ranks its servicers each month on the basis of performance benchmarks that cover a wide range of activities, such as investor reporting, minimizing credit losses and helping delinquent borrowers avoid foreclosure. Based on their management of active and delinquent loans, servicers are ranked in four tiers ranging from Tier One (superior results) to Tier Four (unacceptable results).

Servicers who achieved Tier One Gold received a Tier One rating in the Investor Reporting and Remitting category of their Servicer Performance Profile for two quarters in 2007 and achieved a Tier One rating in Default Management on an average annual calculation during a calendar year. They receive a number of benefits, such as fee waivers, financial rewards and national recognition.

Mary Boyd, Executive Vice President of Mortgage Servicing for First South Bank, stated, "We are pleased that First South Bank has been recognized by Freddie Mac as one of the top mortgage servicing companies in the nation. This recognition serves as a confirmation of First South Bank's commitment of delivering consistent high quality service to both our borrowers and to Freddie Mac."

First South Bank has been serving the citizens of eastern North Carolina since 1902 and offers a variety of financial products and services, including a leasing company and securities brokerage services through an affiliation with a broker/dealer. The Bank operates through its main office headquartered in Washington, North Carolina, and has 29 full service branch offices and two loan production offices located throughout central, eastern, northeastern and southeastern North Carolina.

Statements contained in this release, which are not historical facts, are forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to risks and uncertainties which could cause actual results to differ materially from those currently anticipated due to a number of factors which include, but are not limited to, factors discussed in documents filed by the Company with the Securities and Exchange Commission from time to time.

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