KS Bancorp, Inc. (KSBI) and KS Bank, Inc. Announces Executive Leadership Plan of Transition

Rhea-AI Summary

KS Bancorp, Inc. (OTC Pink: KSBI) announces a leadership transition plan. Harold T. Keen, who has served as President and CEO since 1990, will become Executive Vice Chairman while retaining the CEO role for KS Bancorp. Earl W. Worley, Jr. assumes the role of President and CEO of KS Bank, bringing 30 years of experience. Dit L. Breault will be the new Chief Operations Officer. This transition marks a significant change in the bank's leadership structure, as KS Bank continues its commitment to serving eastern North Carolina since 1924.

Positive

• Leadership transition aims to strengthen organizational strategy.
• Earl W. Worley, Jr. brings 30 years of banking experience.
• Harold T. Keen continues to focus on strategic planning and community service.

Negative

• None.

SMITHFIELD, N.C., Jan. 04, 2022 (GLOBE NEWSWIRE) -- The Board of Directors of KS Bancorp, Inc. (the “Company”) (OTC Pink: KSBI), parent company of KS Bank, Inc. (the “Bank”), jointly announce today an executive leadership plan of transition.

Effective immediately, Harold T. Keen who has been President and CEO of KS Bank since July 1990 will transition to Executive Vice Chairman of KS Bank. Mr. Keen will remain as President and CEO of KS Bancorp, Inc.

Earl W. Worley, Jr., who is currently serving as the Bank’s Chief Operating Officer of KS Bank will become President and CEO of KS Bank. Mr. Worley has 30 years of bank management experience and has been in his current role since 2010. Prior to being appointed as Chief Operating Officer, Mr. Worley served as the Bank’s Chief Financial Officer from 1999 until 2010.

Dit L. Breault who is currently the Senior Operations officer for KS Bank will become the Chief Operations Officer and Executive Vice President of KS Bank. Mr. Breault has 29 years of banking experience and has been with KS Bank since July of 2021. Prior to coming to KS Bank, Mr. Breault served as Chief Compliance Officer of a regional community bank.

President Keen stated, “ It has been my honor to serve as President and CEO of KS Bank for the past thirty-one and a half years. I am also honored to be elected by the Bank Board to serve as Executive Vice Chair. I plan to continue to concentrate my efforts on strategic planning for both the Bank and KS Bancorp, customer acquisition, and service to the community organizations of which I am a part.”

KS Bancorp, Inc. is a Smithfield, North Carolina-based single bank holding company. KS Bank, Inc., a state-chartered savings bank, is KS Bancorp’s sole subsidiary. The Bank is a full service community bank serving the citizens of eastern North Carolina since 1924. The Bank offers a broad range of personal and business banking products and services, mortgage products and trust services. There are nine full service branches located in Kenly, Selma, Clayton, Garner, Goldsboro, Wilson, Wendell, Smithfield, and Four Oaks, North Carolina. In addition, KS Trust Services has a presence in Waynesville and Wilmington, NC. For more information, visit www.ksbankinc.com.

This release contains certain forward-looking statements with respect to the financial condition, results of operations and business of the Company. These forward-looking statements involve risks and uncertainties and are based on the beliefs and assumptions of management of the Company and on the information available to management at the time that these disclosures were prepared. These statements can be identified by the use of words like “expect,” “anticipate,” “estimate” and “believe,” variations of these words and other similar expressions. Readers should not place undue reliance on forward-looking statements as a number of important factors could cause actual results to differ materially from those in the forward-looking statements. The Company undertakes no obligation to update any forward-looking statements.

Contact: Harold T. Keen
President and Chief Executive Officer
(919) 938-3101

FAQ

What leadership changes were announced by KS Bancorp, Inc. on January 4, 2022?

KS Bancorp announced that Harold T. Keen will become Executive Vice Chairman, while Earl W. Worley, Jr. will take over as President and CEO of KS Bank.

What experience does Earl W. Worley, Jr. have at KS Bank?

Earl W. Worley, Jr. has 30 years of bank management experience and has served as Chief Operating Officer since 2010.

Who is the new Chief Operations Officer of KS Bank?

Dit L. Breault has been appointed as the new Chief Operations Officer and Executive Vice President of KS Bank.

What is the significance of the leadership transition for KS Bancorp?

The transition is expected to strengthen the bank’s strategic planning and community service initiatives.