KS Bancorp President’s Statement
18 November 2017 - 8:22AM
KS Bancorp, Inc. (OTCBB:KSBI), parent company of KS Bank, Inc.,
issued a statement regarding the unsolicited indications of
interest received earlier this year from First Citizens BancShares,
Inc. (“First Citizens”) (NASDAQ:FCNCA).
On June 30, 2017 and then again on July 13, 2017, First Citizens
wrote to KS Bancorp, expressing interest in pursuing a possible
acquisition of KS Bancorp (together, the “Non-binding Indication of
Interest”). KS Bancorp’s Board of Directors subsequently
engaged a nationally-recognized investment banking firm, with
particular experience advising financial institutions across the
United States, to conduct a detailed analysis of the Non-binding
Indication of Interest and to advise the Board as to whether the
financial interests of KS Bancorp’s shareholders are better served
by pursuing a sale or continuing to operate KS Bancorp as an
independent company. After thorough and extended consideration of
the advice of the investment banking firm and other relevant
information, the Board unanimously determined to reject the
Non-binding Indication of Interest and further determined that the
continued independent operation of KS Bancorp is in the best
interests of its shareholders.
Harold T. Keen, President and CEO of KS Bancorp, Inc.,
commented: “I commend the Board of Directors for the very
deliberate and careful manner in which it considered the
Non-binding Indication of Interest and indeed the future
independence of KS Bancorp and the Bank. After its thorough and
extended considerations, our Board has determined the best
interests of our shareholders will be served by KS Bancorp
remaining an independent company. We look forward to continuing to
serve our customers and local communities, firmly establishing KS
Bank as their independent community bank of choice and further
enhancing the value of our shareholders’ investments. I believe the
future is very bright for KS Bancorp and KS Bank.”
KS Bancorp, Inc. is a Smithfield, North Carolina-based single
bank holding company. KS Bank, Inc., a state-chartered savings
bank, is KS Bancorp’s sole subsidiary. The Bank is a full
service community bank serving the citizens of eastern North
Carolina since 1924. The Bank offers a broad range of personal and
business banking products and services, mortgage products and
wealth management advisory services. There are nine full service
branches located in Kenly, Selma, Clayton, Garner, Goldsboro,
Wilson, Wendell, Smithfield, and Four Oaks, North Carolina plus a
mortgage servicing location in Greenville, NC. In addition, KS
Wealth Management has an office in Asheboro, NC and maintains a
presence in Waynesville and Wilmington, NC. For more
information, visit www.ksbankinc.com.
This release contains certain forward-looking statements with
respect to the financial condition, results of operations and
business of KS Bancorp, Inc. These forward-looking statements
involve risks and uncertainties and are based on the beliefs and
assumptions of management of KS Bancorp and on the information
available to management at the time that these disclosures were
prepared. These statements can be identified by the use of words
like “expect,” “anticipate,” “estimate” and “believe,” variations
of these words and other similar expressions. Readers should
not place undue reliance on forward-looking statements as a number
of important factors could cause actual results to differ
materially from those in the forward-looking statements. KS
Bancorp undertakes no obligation to update any forward-looking
statements.
Contact: Harold T. KeenPresident and Chief Executive
Officer(919) 938-3101
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