CHARLOTTE, N.C., May 1, 2014 (GLOBE NEWSWIRE) -- Park Sterling Corporation (Nasdaq:PSTB) ("Park Sterling"), the holding company for Park Sterling Bank, announced today the completion of its acquisition of Provident Community Bancshares, Inc. (OTCBB:PCBS) ("Provident Community"), the holding company for Provident Community Bank, N.A.. Simultaneous with this acquisition, Provident Community Bank, N.A. was merged with and into Park Sterling Bank. The acquired branches will continue doing business as "Provident Community Bank" until the conversion of core operations, which is expected to occur during the third quarter of 2014.
Based on March 31, 2014 financial information and preliminary estimated purchase accounting adjustments, the combined company has approximately $2.3 billion in total assets, $1.9 billion in total deposits and $1.4 billion in total loans, and a network of 54 offices in the Carolinas, Virginia and North Georgia. Consideration for the acquisition included: (i) $0.78 per share, or approximately $1.4 million, in cash to common stockholders for all of the outstanding common stock, and (ii) $550 per share (representing a 45% discount from face value), or approximately $5.1 million, in cash to the United States Department of the Treasury for all of the outstanding Fixed Rate Cumulative Perpetual Preferred Stock, Series A.
James C. Cherry, Chief Executive Officer of Park Sterling, commented, "We appreciate both the hard work of our employees and the support of our regulators in swiftly closing this merger, which was announced less than sixty days ago, on March 5, 2014. This partnership strengthens our position in the Charlotte metro market, improves our branch density in South Carolina's Upstate and Midlands regions, provides an attractive source of core deposits to help fund organic loan growth, and creates efficiencies which offer an attractive financial return to shareholders."Dwight V. Neese, former President and Chief Executive Officer of Provident Community, who remains with the combined company as a senior market executive, commented, "Our employees are excited to join the Park Sterling family and our shareholders overwhelmingly supported the merger, with over 98% of the votes received approving the proposal."