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Park Sterling Bank Completes Capital Raise Of $150 Million

CHARLOTTE, N.C., Aug. 19 /PRNewswire/ -- Park Sterling Bank (PSTB on Nasdaq Global Market) announced today that it has completed its public offering of 23.1 million shares of its common stock and raised approximately $150 million.  Keefe, Bruyette & Woods acted as lead manager and sole book runner and Sandler O'Neill + Partners, L.P., Morgan Keegan & Company, Inc. and Scott & Stringfellow served as co-managers.  

(Logo:   http://photos.prnewswire.com/prnh/20100819/CL52947LOGO)

(Logo:   http://www.newscom.com/cgi-bin/prnh/20100819/CL52947LOGO)

The Bank will use the net proceeds from the raise for general corporate purposes, including the funding of organic growth and possible future acquisitions of other financial institutions, and its working capital needs.

"At a time when most community banks would find it very difficult to raise any capital, investors have made a significant statement of their confidence in Park Sterling's vision, strategy, management and board.  Now, as one of the most strongly capitalized banks in the region, our people are all very excited about the opportunity this gives us to play a meaningful role in the development of banking in the Carolinas and Virginia," said James C. Cherry, the Bank's new chief executive officer.  

Cherry, the former chief executive officer for Wachovia Bank's Mid-Atlantic Banking sector and former Chairman of the Virginia Bankers Association, is one of several management additions.  By expanding its management structure, Park Sterling Bank blends its original team with several bankers who worked with Wachovia prior to its 2001 merger with First Union, which is often referred to as legacy Wachovia   David Gaines, who worked as Comptroller for legacy Wachovia and then as Chief Risk Officer for Corporate and Investment Banking (CIB) for Wachovia, assumed responsibilities as Chief Financial Officer.  Leonard Robinett has assumed the role of Head of Corporate Development.  Robinett held a similar role at legacy Wachovia for sixteen years.  Previous Bank President and CEO Bryan F. Kennedy III is now President.  Stephen A. Arnall, who had served the Bank as Chief Financial Officer, has been named Treasurer and Frank W. Ix will continue to serve as the Bank's Chief Credit Officer.

The Board of Directors also has been reconstituted to include individuals with deep banking knowledge and experience in the Carolinas and Virginia.  Serving as Chairman is Leslie M. (Bud) Baker, Jr. who was Chairman and Chief Executive Officer of Wachovia Corporation prior to its acquisition by First Union in 2001.  Baker retired as Chairman of its board in 2003.  Walter C. Ayers, the retired President and Chief Executive Officer of the Virginia Bankers Association, and Jeffrey S. Kane, the retired Senior Vice President in charge of the Charlotte Office of the Federal Reserve Bank of Richmond, joined the board.  Larry W. Carroll, former Park Sterling Bank Chairman, and Tom Henson remain on the board.  

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.

SOURCE Park Sterling Bank

Copyright 2009 PR Newswire. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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