" Although the modern era of the Sith is attributed to Darth Bane, and the Dark Jedi that preceded him, the cult can find its roots further back in the galaxy's ancient past. Long before the Republic rose, there lived a culture on the planet Korriban. These primitive people were called the Sith, and the Force flowed strongly through their bloodlines. Although they didn't practice the Force as the Jedi would, they were talented in their own brand of magic.
In the early days of the Jedi, a great schism tore the order apart. Jedi who had tapped the forbidden power of the Force's dark side rebelled against their light-sided brothers. After a terrible war, the Dark Jedi were exiled from the Republic. Past the Republic's growing borders, these castaways discovered Korriban and the Sith people.
Powerful with the dark side, the Jedi outcasts set themselves up as gods on Korriban. The primitive Sith worshipped them as their lords, and so the Jedi grew, and built temples and monuments to celebrate their power. Millennia of interbreeding blurred the distinction between Sith native and offworlder, and the term Sith came to encompass not only the indigenous people of Korriban, but also the powerful overlords that ruled them.
Five thousand years ago, during the Sith Empire's golden age, a Republic explorer vessel stumbled upon the secluded worlds of the Sith. One Sith Lord, Naga Sadow, saw this as an opportunity to invade the Republic, and exact vengeance on the Jedi who had banished them. History would record the invasion that followed as the Great Hyperspace War, and it would be the first of many terrible conflicts between Jedi and Sith.
Time and again the Sith and Jedi would clash, with devastated worlds lying in their wake. The last great conflict took place on the scarred plains of Ruusan. The Sith Lord Kaan and his Brotherhood of Darkness did battle with the Jedi Army of Light. From this onslaught, one Sith escaped: Darth Bane. It was he who would resurrect the order with duplicity and secrecy in mind."
http://www.starwars.com/databank/organization/thesith/?id=eu)
You can never get any closer to official EU information than Starwars.com... Well, most of the time. ;)