KS BANCORP INC
8-K, 2000-03-22
SAVINGS INSTITUTIONS, NOT FEDERALLY CHARTERED
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<PAGE>

                       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): March 16, 2000

                                KS Bancorp, Inc.
                                ----------------
             (Exact name of registrant as specified in its charter)



       North Carolina                   000-22734             56-1842707
 ------------------------            ---------------       ------------------
(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
                           ---------------------------
                    (Address of principal executive offices)





       Registrant's telephone number, including area code: (919) 284-4157


                                       N/A
        ----------------------------------------------------------------------
          (Former name or former address, if changed since last report)
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                    Item 4. Changes in Certifying Accountant

     On March 16, 2000, KS Bancorp,  Inc. (the "Company")  informed  McGladrey &
Pullen, LLP that it would not be selected to serve as the Company's  independent
auditor for the year ended  December 31, 2000.  McGladrey & Pullen,  LLP was the
Company's independent auditor for the year ended December 31, 1999.

     Dixon Odom PLLC has been selected as the Company's  independent auditor for
the  2000  fiscal  year.  Such  selection  will be  submitted  to the  Company's
shareholders for  ratification at the 2000 annual meeting of  shareholders.  The
decision to change independent auditors was based on several factors,  including
location and cost, and was approved by the Audit Committee.  McGladrey & Pullen,
LLP's report on the Company's  financial  statements  for the fiscal years ended
December 31, 1999 and 1998 did not contain an adverse  opinion or  disclaimer of
opinion and was not  qualified  or modified  as to  uncertainty,  audit scope or
accounting  principles.  During  such years and the  subsequent  interim  period
through the date  hereof;  there were no  disagreements  between the Company and
McGladrey & Pullen,  LLP on any matter of  accounting  principles  or  practice,
financial  statement  disclosure or auditing  scope or procedure  which,  if not
resolved  to the  satisfaction  of such  auditor,  would have  caused it to make
reference to the subject of such  disagreement  in connection  with its reports.
During  its two most  recent  fiscal  years and the  subsequent  interim  period
through the date hereof,  the Company has not  consulted  Dixon Odom PLLC,  with
regard to either:  (i) the  application of accounting  principles to a specified
transaction,  either  completed or proposed;  or the type of audit  opinion that
might be rendered on the Company's financial statements, or (ii) any matter that
was either the subject of a disagreement or a reportable event.
<PAGE>

                                   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: March 22, 2000         By:   /s/ Harold T. Keen
                                  --------------------------------
                                       Harold T. Keen, President
                                       and Chief Executive Officer
<PAGE>

                                  EXHIBIT INDEX


         Exhibit No.                        Description
         -----------                        -----------

                16                          Letter from McGladrey & Pullen, LLP

<PAGE>

                                                                      Exhibit 16


Securities and Exchange Commission
Washington, DC  20549


Gentlemen:


     We were previously the independent  accountants for KS Bancorp, Inc. and on
January 27, 2000,  we reported on the  consolidated  financial  statements of KS
Bancorp,  Inc. and subsidiary (KS Bancorp) as of and for the year ended December
31, 1999. On March 16, 2000, we were replaced as the independent  accountants of
KS Bancorp.  We have read KS Bancorp's  statements  included under Item 4 of its
Form 8-K for March 16, 2000 and we agree with such statements.

                                                     Very truly yours,


                                                     /s/ McGLADREY & PULLEN, LLP


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