Park Sterling Bank (Nasdaq: PSTB) announced today that Nancy J. Foster has been named Chief Risk Officer, subject to regulatory approval, with the goal of enhancing the company’s risk management capabilities as it prepares to expand across the Carolinas and Virginia.

“As we grow our franchise, we expect Park Sterling to be noted for exceptional risk management,” said James C. Cherry, the Bank’s Chief Executive Officer. “Nancy’s wealth of experience and proven track record in risk management will help us ensure a strong risk management culture.”

A veteran of the banking industry, Ms. Foster has extensive experience across a broad range of risk and lending activities, with special expertise in business transformation and performance enhancement. In her most recent position she was Chief Risk Officer of CIT Group, Inc. Prior to this, she was with LaSalle Bank for twenty-four years where she held various positions including Chief Credit Officer for its community banks group; Group Senior Vice President with oversight of all Credit Policy and Portfolio Management; and, Group Senior Vice President for Specialized Lending.

Ms. Foster holds undergraduate degrees in Finance and Economics from Illinois State University and a Masters in Business Administration from the University of Chicago. She serves as a director of the Risk Management Association in Philadelphia, PA.

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 clients and delivered by a remarkably experienced team of bankers. The Bank is committed to building a banking franchise across the Carolinas and Virginia that is noted for sound risk management, superior client service and exceptional client relationships. For more information, visit www.parksterlingbank.com.

Copyright Business Wire 2010