First South Bancorp, Inc. ("First South") through its subsidiary is a community bank with branch offices and ATMs throughout eastern North Carolina.

According to the Complaint, on June 9, 2017, First South's Board of Directors caused the Company to enter into an agreement and plan of merger with Carolina Financial.

On September 6, 2017, Defendants filed a Definitive Proxy Statement with the United States Securities and Exchange Commission in connection with the Proposed Transaction. The Complaint alleges the Proxy Statement omits material information with respect to the Proposed Transaction, which renders the Proxy Statement false and misleading.

This case was voluntarily dismissed on October 10, 2017.