CHARLOTTE, N.C. and GASTONIA, N.C. — Park Sterling Corporation (PSTB), the holding company for Park Sterling Bank, announced completion of its acquisition of Citizens South Banking Corporation (Nasdaq:CSBC), the holding company for Citizens South Bank.
James C. Cherry, Chief Executive Officer of Park Sterling commented, “This merger will bring together two strong banks to create the largest community bank in the Charlotte region, with offices stretching across the Carolinas and into north Georgia. Customers of both Park Sterling and Citizens South will benefit from the enhanced product and service offerings of our larger company without sacrificing the friendly and personal service they expect from their community bank.”
Under the terms of the merger agreement, Citizens South stockholders will receive either $7.00 in cash or 1.4799 shares of Park Sterling common stock, or a combination thereof, for the Citizens South shares they owned immediately prior to the merger, subject to the limitation that the total consideration will consist of 30 percent in cash and 70 percent in Park Sterling shares.
Citizens South shares exchanged for stock will convert to Park Sterling shares in a tax-free exchange, with cash paid in lieu of fractional shares.
Based upon the $4.94 per share closing price of Park Sterling’s common stock on Sept. 28, the transaction value was approximately $83.2 million.
About Park Sterling Corporation
Park Sterling Corporation is the holding company for Park Sterling Bank, headquartered in Charlotte, North Carolina, and Citizens South Bank, headquartered in Gastonia, North Carolina. Park Sterling’s primary focus is to provide financial services to small and mid-sized businesses, owner-occupied and income producing real estate owners, professionals and consumers doing business or residing within its target markets. Park Sterling offers a full array of banking services, including a diverse wealth management group. Park Sterling is focused on building a regional banking franchise that is noted for sound risk management, superior customer service and exceptional customer relationships. For more information, visit either www.parksterlingbank.com or www.citizenssouth.com. Park Sterling’s shares are traded on NASDAQ under the symbol PSTB.