CHARLOTTE, N.C. and GASTONIA, N.C., Oct. 1, 2012 (GLOBE NEWSWIRE) -- Park Sterling Corporation (Nasdaq:PSTB), the holding company for Park Sterling Bank, today 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 30.0% in cash and 70.0% 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 September 28, 2012, 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. Cautionary Statement Regarding Forward-Looking Statements This release contains certain statements that constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by the fact that they do not relate strictly to historical or current facts and often use words such as "may," "plan," "contemplate," "anticipate," "believe," "intend," "continue," "expect," "project," "predict," "estimate," "could," "should," "would," "will," "goal," "target" and similar expressions. These forward-looking statements represent Park Sterling's current expectations, plans or forecasts of future events, results and conditions, including financial and other estimates and expectations regarding the merger with Citizens South Banking Corporation and other similar matters. These forward-looking statements are not guarantees of future results or performance and by their nature involve certain risks and uncertainties that are based on management's beliefs and assumptions and on the information available to management at the time that these disclosures were prepared. Actual outcomes and results may differ materially from those expressed in, or implied by, any of these forward-looking statements.