KS Bancorp Board Statement
July 17 2017 - 2:08PM
The Board of Directors of KS Bancorp, Inc. (OTCBB:KSBI) has
received written communications from First Citizens BancShares,
Inc. (“First Citizens”) (NASDAQ:FCNCA) regarding the unsolicited
Indications of Interest provided by First Citizens for the
acquisition of 100% of KS Bancorp’s common stock. In response
to the receipt of these written communications, Harold T. Keen,
President and Chief Executive Officer of KS Bank, Inc., is quoted
as follows:
“We understand and appreciate First Citizens’
interest in our community bank. As the only locally-owned and
operated community bank left in Johnston County, North Carolina, we
provide a level of service and customer satisfaction that other
banks in our market cannot. Our excellent customer service
and responsiveness to our customers’ needs make us a valuable
commodity in an industry dominated by larger institutions that have
lost these corporate values.”
“Although we are appreciative of First Citizens’
interest in our organization, their initial Indication of Interest
did not rise to a level of pricing that the Board determined to be
more beneficial to the KS Bancorp shareholders than the alternative
of remaining independent and pursuing our Board adopted
strategies.”
“Hostile takeovers are not the norm in the
banking industry. We are extremely surprised a $34 billion
regional bank would pursue the hostile takeover of a $360 million
community savings bank. First Citizens’ corporate actions are
evidence that First Citizens’ corporate culture is not in line with
KS Bank’s community banking values.”
KS Bancorp contact information:
Harold T. Keen
President & Chief Executive Officer
KS Bank, Inc.
P.O. Box 661
Smithfield, NC 27577
Phone: (919) 938-2690
Email: hkeen@ksbankinc.com
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