First Citizens BancShares, Inc. (NASDAQ:FCNCA) Files An 8-K Other Events
Item 8.01. Other Events

First Citizens BancShares Inc. (“First Citizens”) announced today that it has made a proposal to acquire KS Bancorp, Inc. (“KS Bancorp”) for $35.00 per share in cash, in a transaction valued at approximately $45.8 million, representing a 49.6% premium over KS Bancorp's closing trading price on July 12, 2017, and a 84% premium over KS Bancorp’s book value per share as of March 31, 2017. The proposal was conveyed today in a letter to KS Bancorp’s Board of Directors.

Further information regarding the transaction is included in First Citizens’ news release dated July 13, 2017 attached hereto as Exhibit 99.1.

Item 9.01.Financial Statements and Exhibits

The following exhibit is attached as part of this report.

Forward Looking Statements

Statements contained in this release, which are not historical facts, are forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to risks and uncertainties which could cause actual results to differ materially from those currently anticipated due to a number of factors including, by way of example and without limitation, plans, intentions and expectations regarding First Citizen’s proposal to acquire KS Bancorp and expectations of the benefits of a potential transaction. Forward-looking statements speak only as of the date made. First Citizens undertakes no obligation to update or revise any forward-looking statements to reflect events or circumstances arising after the date on which they were made, except as otherwise required by law. As a result of these risks and uncertainties, readers are cautioned not to place undue reliance on any forward-looking statements included herein or that may be made elsewhere from time to time by, or on behalf of, First Citizens.

FIRST CITIZENS BANCSHARES INC /DE/ Exhibit
EX-99.1 2 ks_bancorpx8xexhibit.htm EXHIBIT 99.1 Exhibit  EX 99.1         NEWS RELEASEContact:Barbara ThompsonFor Immediate Release First Citizens BancSharesJuly 13,…
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About First Citizens BancShares, Inc. (NASDAQ:FCNCA)

First Citizens BancShares, Inc. is a holding company. The Company invests the liquidity generated from its funding sources in interest-earning assets, including loans and leases, investment securities and overnight investments. It also invests in bank premises, hardware, software, furniture and equipment used to conduct its commercial banking business. The Company provides treasury services products, cardholder and merchant services, wealth management services and various other products and services typically offered by commercial banks. The Company conducts its banking operations through its subsidiary, First-Citizens Bank & Trust Company (FCB), a state-chartered bank. FCB offers services, including taking of deposits, cashing of checks and providing for individual and commercial cash needs; checking and savings plans; commercial, business and consumer lending; a full-service trust department; wealth management services, and other activities incidental to commercial banking.