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.
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(Exact name of registrant as specified in its charter)
North Carolina 000-22734 56-1842707
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(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
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(Address of principal executive offices)
Registrant's telephone number, including area code: (919) 284-4157
N/A
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(Former name or former address, if changed since last report)
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.
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
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Harold T. Keen, President
and Chief Executive Officer
EXHIBIT INDEX
Exhibit No. Description
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16 Letter from McGladrey & Pullen, LLP