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Park Sterling Corporation Announces Entry Into Virginia

Stocks in this article: PSTB

CHARLOTTE, N.C., Jan. 3, 2014 (GLOBE NEWSWIRE) -- Park Sterling Corporation (Nasdaq:PSTB), the holding company for Park Sterling Bank, today announced it is entering the Virginia market with the hiring of two line of business executives and a seasoned commercial banking team based in the Greater Richmond region. Initial activities will be conducted through a loan production office while the company seeks the necessary facilities and regulatory approval to provide full banking services.

Line of Business Executives

"We are very excited to have Michael Williams and Steve Farbstein joining our senior management team to lead Park Sterling's Wealth Management and Mortgage Banking groups, respectively," stated James C. Cherry, Chief Executive Officer. "These accomplished bankers, who will continue to be based in the Richmond area, all have proven track records of building exceptional businesses that serve the needs of customers and create value for shareholders. We are confident in their ability to accelerate growth and performance in what are already successful business lines at Park Sterling."

Michael Williams, who was most recently Director of Wealth Management for StellarOne Bank, joins Park Sterling as Group Senior Vice President and Head of Wealth Management. Williams started his career at First Virginia Bank, and has held various management positions with Andersen Consulting, Wachovia Bank and First Market Bank. He holds a BA and an MBA from the University of Virginia, and currently serves as Chairman of the Virginia Bankers Association Trust & Wealth Management Committee. In this newly created position, Williams will have responsibility for the company's existing investment management, trust, retail brokerage and private banking services, as well as for building these businesses in Virginia. 

Steve Farbstein, who was most recently the Director of Mortgage Banking for StellarOne Bank, joins Park Sterling as Group Senior Vice President and Head of Mortgage Banking. Farbstein has held various management roles with Union Mortgage Group, the CIT Group and Citicorp Mortgage. He is a graduate of the University of Richmond and is active in the Greater Richmond community. He currently serves on the National Volunteer Leadership Council for the March of Dimes and is the former Board Chairman of the Richmond College Alumni Association and the Beth Sholom Lifecare Community. He also currently serves as Chairman of the Virginia Bankers Association Mortgage Working Group. In this newly created position, Farbstein will have responsibility for the company's existing mortgage banking activities, as well as for expanding this business line into Virginia.

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