First Citizens launches $46M hostile takeover bid

First Citizens launches $46M hostile takeover bid

First Citizens Bank has launched a $46 million hostile takeover of KS Bank, a bank with nine branches in the greater Triangle and Eastern North Carolina. Raleigh-based First Citizens is offering $35 per share in cash, or about $45.8 million, to acquire KS Bank’s corporate parent, Smithfield-based KS Bancorp Inc. First Citizens said it was making its offer public after an earlier offer of $33 per share was rejected by the KS board of directors.

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