CHARLOTTE, N.C., Aug. 13 /PRNewswire-FirstCall/ -- -- Park Sterling Bank announced today the pricing of an underwritten offering of 23,100,000 shares of its common stock at a price of $6.50 per share. The Bank's common stock is expected to begin trading August 13, 2010, on the Nasdaq Global Market under the symbol "PSTB". The Bank has granted the underwriters a 30-day option to purchase up to an additional 3,465,000 shares of the Bank's common stock to cover over-allotments, if any. The Bank expects to close the sale of the common stock, subject to customary conditions, on or about August 18, 2010. "We are excited about completing this capital raise in the face of challenging market conditions and it speaks to investors' confidence in our future. We look forward to welcoming Bud Baker as our incoming Chairman of the Board and Jim Cherry as Chief Executive Officer. We believe this raise establishes Park Sterling Bank as one of the best capitalized banking companies in the southeast and positions us to take advantage of opportunities in the Carolinas and Virginia," stated Bryan F. Kennedy, the Bank's current President and Chief Executive Officer.
Keefe, Bruyette & Woods is acting as lead manager and sole book runner of the offering, and Sandler O'Neill + Partners, L.P., Morgan Keegan & Company, Inc. and Scott & Stringfellow are serving as co-managers.The information included in this press release does not constitute an offer to sell the securities of the Bank, and the Bank is not soliciting an offer to buy such securities. The offering is being made solely by means of an offering circular. A copy of the final offering circular, when available, may be obtained from Keefe, Bruyette & Woods, Equity Syndicate Department, at 787 Seventh Avenue, 4th Floor, New York, New York 10019, or toll free at 1-800-966-1559. About Park Sterling Bank Park Sterling Bank, headquartered in Charlotte, N.C., is dedicated to providing personal, comfortable banking services tailored to the needs and goals of its customers and delivered by a remarkably experienced team of bankers. For more information, visit www.parksterlingbank.com. The securities are not deposits. The securities are not insured by the Federal Deposit Insurance Corporation or any other agency, and are subject to investment risk, including the possible loss of principal. Neither the Federal Deposit Insurance Corporation nor the Securities and Exchange Commission or any state securities commission has approved or disapproved the securities or passed on the adequacy or accuracy of the offering circular. Any representation to the contrary is unlawful. This press release contains forward-looking statements that are based on management's expectations. All statements in this communication, other than those relating to historical information or current condition, are forward-looking statements. These statements are not guarantees that events in the future will occur and involve certain risks and uncertainties. These forward-looking statements involve risks and uncertainties and are based on the Bank's beliefs and assumptions, and on the information available to the Bank at the time that these disclosures were prepared and may not be realized due to a variety of factors, including, but not limited to, the following: the effects of current and future economic conditions in the markets the Bank serves or will serve, including inflation, a continued compression of the residential housing industry, the job market and consumer and business confidence which could lead to decreases in the demand for loans, deposits, and other financial services that the Bank provides and increases in loan delinquencies and defaults; governmental monetary and fiscal policies, as well as legislative and regulatory changes; the effect of changes in interest rates on the level and composition of deposits, loan demand and the values of loan collateral, securities, and interest sensitive assets and liabilities; the effect of changes or volatility in the capital markets and market prices may adversely impact the value of securities, loans, deposits, and other financial instruments as well as the Bank's liquidity; the Bank's investment securities portfolio is subject to credit risk, the market risk, and liquidity risk as well as changes in the estimates the Bank uses to value certain of the securities in its portfolio; the effects of terrorism and efforts to combat it; credit risks, including credit risks resulting from the devaluation of collateral debt obligations and/or structured investment vehicles on the capital markets to which we currently have no direct exposure; the effects of competition from other commercial banks, thrifts, mortgage banking firms, consumer finance companies, credit unions, securities brokerage firms, insurance companies, money market and other mutual funds, and other financial institutions operating in the Bank's market area and elsewhere, including institutions operating regionally, nationally and internationally, together with competitors offering banking products and services by mail, telephone, and the Internet; the effect of any merger, acquisition, or other transaction to which the Bank may from time to time be a party, including its ability to successfully integrate any business that it acquires; and the failure of assumptions underlying the establishment of the Bank's allowance for loan losses. SOURCE Park Sterling Bank