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KS Bancorp settles all outstanding litigation and disputes with First Citizens

Smithfield, N.C.-based KS Bancorp Inc. reached a global settlement with Raleigh, N.C.-based First Citizens BancShares Inc., resolving all outstanding litigation and disputes between the two companies.

Under the terms of the settlement, KS Bancorp bought back all its shares owned by First Citizens and its affiliates. In addition, First Citizens agreed to voluntarily dismiss its lawsuit against KS Bancorp that it had filed in the North Carolina Business Court.

The other terms of the settlement, according to the release, will stay confidential.

First Citizens on Feb. 15 filed a lawsuit against KS Bancorp and its board of directors in North Carolina's Superior Court, asking that the court force KS Bancorp to terminate its newly adopted 10-year shareholder plan. First Citizens alleged that the shareholder plan is discriminatory and has thwarted transactions between willing shareholders.