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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (date of earliest event reported): February 24, 1999
KS Bancorp, Inc.
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(Exact name of registrant as specified in its charter)
North Carolina 0-22734 56-1842707
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(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
207 West Second Street
P. O. Box 219
Kenly, North Carolina 27542
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(Address of principal executive offices)
Registrant's telephone number, including area code: (919) 284-4157
N/A
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(Former name or former address, if changed since last report)
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Item 5. Other Events
On February 24, 1999, KS Bancorp, Inc. (the "Registrant") announced that
its Board of Directors has adopted an amended and restated stock repurchase
plan. Under the stock repurchase plan, the Registrant will be able to
repurchase shares of its outstanding common stock in the open market or in
privately negotiated transactions at appropriate times to allow it to enhance
the value of its stock for its shareholders and to manage its capital. The
Board's action will allow management to make repurchases, without further Board
approval, when stock repurchases are deemed prudent. The stock repurchase plan
contemplates that stock repurchases will be made in accordance with Rule 10b-
18(b) of the Regulations issued under the Securities Act of 1934. A copy of the
press release announcing the adoption of the stock repurchase plan is attached
hereto as Exhibit 99.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
KS BANCORP, INC.
Date: February 24, 1999 By: /s/ Harold T. Keen
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Harold T. Keen, President
and Chief Executive Officer
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EXHIBIT INDEX
Exhibit No. Description
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99 Press Release of the Registrant distributed
February 24, 1999
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EXHIBIT 99
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FOR IMMEDIATE RELEASE
DATE: February 24, 1999
FOR ADDITIONAL INFORMATION
Harold T. Keen, President
KS Bancorp, Inc.
(919) 284-4157
KS BANCORP, INC. ANNOUNCES
APPROVAL OF STOCK REPURCHASE PLAN
Harold T. Keen, President of KS Bancorp, Inc., Kenly, North Carolina,
announced that the Company's Board of Directors has adopted an amended and
restated stock repurchase plan. Under the stock repurchase plan, KS Bancorp
will be able to repurchase shares of its outstanding common stock in the open
market or in privately negotiated transactions at times deemed appropriate. Mr.
Keen stated, "The Board's action was based on its conclusion that the ability to
repurchase stock under certain appropriate circumstances will help the Company
enhance the value of its common stock for its stockholders and manage its
capital."
The Company intends to make all repurchases in compliance with applicable
regulatory guidelines and to administer the plan in accordance with applicable
securities and other laws.
As of December 31, 1998, KS Bancorp had consolidated assets of $130,892
million, consolidated stockholders' equity of $15,716 million and 888,633 shares
outstanding. The Company's wholly owned subsidiary, KS Bank, Inc., has offices
in Kenly, Goldsboro, Wilson, Garner and Selma, North Carolina. The Company's
common stock is listed for quotation in the Pink Sheets of the National
Quotation Bureau under the symbol "KSAV".
