KS Bank announced Wednesday afternoon that it has reached a settlement with First Citizens Bank resolving all outstanding litigation and disputes between the parties.
Under the terms of the settlement, KS Bank has repurchased all KS Bank shares owned by First Citizens and its affiliates, and First Citizens has agreed to the voluntary dismissal of its lawsuit before the North Carolina Business Court and end its hostile takeover attempt. The other terms of the settlement will remain confidential.
Speaking on behalf of the KS Board, Chairman James C. Parker said, “We understand First Citizens’ interest in our company; however, our Board has resolved that it is in the long-term best interests of KS and its shareholders that KS remains independent. Our management team believes that KS Bank is located in one of the most attractive economic markets in North Carolina and is well-positioned to continue its growth and profitability.”
“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,” said President and Chief Executive Officer, Harold T. Keen.
KS 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. It has nine full service branches located in Kenly, Selma, Clayton, Garner, Goldsboro, Wilson, Wendell, Smithfield, and Four Oaks, NC 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.