.....After months of back-and-forth court filings, First Citizens Bancshares, a $34.4 billion institution in Raleigh, and KS Bancorp, a $375.6 million asset bank company in Johnston County, have agreed to a settlement.
According to a statement from Smithfield-based KS, as part of the settlement, it has repurchased all KS shares owned by First Citizens and its affiliates. In return, Raleigh-based First Citizens agreed to drop its lawsuit. “The other terms of the settlement will remain confidential,” KS stated.
A voluntary dismissal with prejudice was handed down late Wednesday (5/16/18) in N.C. Business Court making the settlement official. Each party will be responsible for its own attorneys fees and court costs, according to the document.
“We’re very pleased with the resolution of our disputes with KS Bank,” Frank Smith, spokesman for Raleigh-based First Citizens, said late Wednesday in an email.
James Parker, chairman of the KS Board, stated that KS directors have “resolved that it is in the long-term best interests of KS and its shareholders that KS remains independent.”
.....FRANKIE and his posse are following the directions of that lunatic on the internet..................NOW CLOSE OUT UWBI, frankie..........
