KS Bancorp Board Statement
SMITHFIELD, N.C., July 17, 2017 (GLOBE NEWSWIRE) -- 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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