KS Bancorp

KS Bancorp is a bank holding company that owns and operates KS Bank, Inc. The company was organized to become the holding company for the Bank on December 29, 1993, when the Bank converted from a North Carolina-chartered mutual savings bank to a North Carolina-chartered stock savings bank. At that time, KS Bancorp had an initial public offering of its common stock. KS Bancorp is registered with the Board of Governors of the Federal Reserve System under the Bank Holding Company Act of 1956, as amended, and the savings bank holding company laws of North Carolina. Its executive office is located at 207 West Second Street, Kenly, North Carolina. KS Bancorp's activities include owning and operating KS Bank, Inc., holding certain indebtedness outstanding from the Bank's Employee Stock Ownership Plan (ESOP), and managing its investments. The company's principal sources of income are earnings on its investments and interest payments received from the ESOP. It also receives dividends declared and paid by the Bank on its capital stock. KS Bank, Inc. was chartered in 1924. It has been a member of the Federal Home Loan Bank (FHLB) system since 1936, and its deposits have been federally insured since 1961 by the Savings Association Insurance Fund (SAIF) of the Federal Deposit Insurance Corporation (FDIC). As a North Carolina-chartered savings bank, KS Bank, Inc. is regulated and examined by the Administrator, Savings Institutions Division, North Carolina Department of Commerce, and the FDIC. The Bank conducts business through six full-service offices located in Kenly (2), Goldsboro, Wilson, Garner, and Selma, North Carolina, and a mortgage loan production office in Clayton, North Carolina.