Local news for Smithfield, NC continually updated from thousands of sources on the web.
N.C. Sen. Rick Horner, a Republican representing the 11th District, which includes Nash and Johnston counties, has resided in Bailey since December, a three-member panel, two Democrats and a Republican, unanimously determined at a hearing in Smithfield. "The panel was fair-minded," Horner said.
KS Bancorp in Smithfield, N.C., which is trying to fend off a hostile takeover, is also preparing for a shareholder revolt. The $374 million-asset company said in press release Thursday that investor Phillip Lewis is considering a proxy battle for a board seat.
KS Bancorp, Inc. , parent company of KS Bank, Inc. , today requests that KS shareholders refrain from taking any action with regard to any materials that they may receive from Mr. Phillip A. Lewis until they have had an opportunity to receive and review the Company's proxy materials and the associated "WHITE" proxy card in connection with its upcoming Annual Meeting. Harold T. Keen, President and CEO of KS, commented: "The Company has received a letter from Mr. Lewis that suggests he might run as a director nominee in opposition to a candidate nominated, endorsed and supported by our Company's Board of Directors and senior management team.
Opening statements kicked off yesterday in the nuisance trial against Murphy-Brown LLC, the pork-producing subsidiary of the global food giant Smithfield Fields. The trial is part of twenty-six federal lawsuits filed by more than five hundred plaintiffs living near hog farms in Eastern North Carolina.
KS Bancorp in Smithfield, N.C., was dealt an early legal blow in its effort to fend off a hostile takeover by First Citizens BancShares in Raleigh, N.C. The North Carolina Business Court on Wednesday granted the $34.5 billion-asset First Citizens' request for a preliminary injunction barring KS Bancorp from taking any action under a shareholder rights plan its board approved in early February. First Citizens, which owns 9% of the $374 million-asset KS Bancorp's stock, filed a lawsuit on Feb. 15 looking to throw out the rights plan, arguing that it was discriminatory and diluted the value of the shares it already owns.
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