KS Bank rejects First Citizens Bank’s offer to purchase–again

KS Bancorp, parent company of KS Bank headquartered in Smithfield, reaffirmed its position on Friday that it is not interested in being purchased by First Citizens Bank.

In a statement issued late Friday, KS Bank CEO Harold Keen said, “….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 is very bright for KS Bancorp and KS Bank,” added Keen.

In the statement, Keen said KS Bancorp’s board of directors 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 from First Citizens after First Citizens twice indicated its desire to purchase KS Bank.

“After thorough and extending consideration of the advice of the investment banking firm,” said Keen, “and other relevant information, the board unanimously determined to reject First Citizen’s indication of interest and further determined that the continued independent operation of KS Bancorp is in the best interest of its shareholders.”

First Citizens Bank on June 20 and on July 13 of this year wrote KS Bancorp expressing interesting in pursuing a possible acquisition of KS Bancorp.

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