KS Bancorp, Inc., parent company of KS Bank, Inc., issued a statement Friday afternoon regarding the unsolicited indications of interest received earlier this year from First Citizens BancShares, Inc. (“First Citizens”).
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.