KS Bank asking stock holders to wait on voting

 KS Bancorp, Inc., parent company of KS Bank, Inc., on Thursday, April 5, asked KS shareholders to refrain from taking any action with regard to any materials they may receive from Phillip A. Lewis until they have had an opportunity to receive and review the Company’s proxy materials and the associated white proxy card in connection with its upcoming annual meeting.

“The Company has received a letter from Lewis that suggests he might run as a director nominee in opposition to a candidate nominated, endorsed and supported by our Company’s Board of Directors and senior management team,” said KS Bank President and CEO Harold T. Keen. “There is a possibility that Lewis’s materials may be received by shareholders before they receive the Board’s proxy materials and its white proxy card. 

“We respectfully ask that our shareholders not take any action regarding Lewis’s materials until they have had a chance to receive and review the Company’s proxy materials,” said Keen.

Calls to KS Bank were referred to Executive Administrator Denise Elliott who was unavailable for comment. First Citizens Bank spokesperson Frank Smith said they had no comment on the KS Bank issue.

In February, First Citizens Bank turned to the courts in its effort to buy KS Bank.

The $34.5 billion-asset First Citizens filed a lawsuit on Feb. 15 in Superior Court against KS Bank in Smithfield and the $374 million-asset company’s board.

The lawsuit is looking to throw out a series of moves by KS Bank to block a hostile takeover. The case was assigned to the North Carolina Business Court.

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