CHARLOTTE, N.C., Oct. 10, 2012 (GLOBE NEWSWIRE) -- Park Sterling Corporation (Nasdaq:PSTB), the holding company for Park Sterling Bank, today announced the final proration results of the Citizens South Banking Corporation shareholder election associated with the merger of Citizens South Banking Corporation with and into Park Sterling Corporation, completed on October 1, 2012.
Under the terms of the merger agreement, Citizens South stockholders could elect to 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 would consist of 30.0% in cash and 70.0% in Park Sterling shares.
Of the 11,517,139 shares of Citizens South outstanding immediately prior to closing the merger: (i) 7,831,678, or 68.0%, elected to receive stock consideration; (ii) 1,510,034, or 13.1%, elected to receive cash consideration; and (iii) 2,175,428, or 18.9%, made no election. As a result:
- All shares as to which a stock election was made will receive 1.4799 shares of Park Sterling common stock for each Citizens South share, representing $7.31 per share based upon the $4.94 per share closing price of Park Sterling's common stock on September 28, 2012, the trading day prior to completion of the merger; - All shares as to which a cash election was made will receive $7.00 in cash for each Citizens South share; and - All shares as to which no election was made will receive 0.156721 shares of Park Sterling common stock and $6.26 in cash for each Citizens South share, representing $7.03 per share based upon the $4.94 per share closing price of Park Sterling's common stock on September 28, 2012, the trading day prior to completion of the merger.Park Sterling issued 11,930,949 total shares as consideration in the merger.
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