KSBI-KS Bancorp

[bianji108]

This bank has scarcity value in Raleigh, as there are only 4 community banks left that are headquartered locally. The region is one of the fastest growth area in southeast US. The valuation is fairly reasonable (13.5x P/E) Unfortunately, the management treats the company as private, wants to remain independent forever, and would even made greenmail payment for an acquirer to exit.

 

For more background:

Seeking alpha article that didn't publish at the best timing

https://seekingalpha.com/article/4174610-ks-bancorp-shareholders-reject-proposal-conversion-delaware-corporation-pressure-management

 

Today's PR on greenmail payment

https://www.ksbankinc.com/files/KSBIpressrelease.pdf

"Under the terms of the settlement, KS has repurchased all KS shares owned by First Citizens and its affiliates"