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KS Bank advances in N.C. financial ranking

The Smithfield-based bank is ranked 31st in Business North Carolina magazine's 2021 list of "Largest Banks and Credit Unions Based in North Carolina" --- up from a ranking of 34th last year.

The magazine reports that KS Bank had revenue of $18.7 million in 2020 --- up 11.3% from 2019 --- producing net income of $4.8 million, up 14.3%. Total assets of $486 million is also a factor in the bank's new ranking.

First Citizens BancShares --- founded in Smithfield as First Citizens Bank & Trust Company and now based in Raleigh --- ranks third on the magazine's list with 2020 revenue of $1,984 million (almost $2 billion) and assets just under $50 billion.

On top of the list is Bank of America, based in Charlotte, with 2020 revenue of $86.5 billion and total assets worth $2.8 trillion.

KS Bank was founded in 1924 as Kenly Savings & Loan Association. It changed its name to KS Bank in 1998 and moved its headquarters to Smithfield in 2003.

The bank's headquarters on North Brightleaf Boulevard.