Park Sterling Bank (NASDAQ:PSTB) (“Park Sterling” or the “Bank”) today announced that proxy holders have voted to approve all proposals submitted at the Special Meeting of stockholders held yesterday. The proposals included:
  • Approval of an Agreement and Plan of Reorganization and Share Exchange between Park Sterling Bank and Park Sterling Corporation, which provides for the reorganization of the Bank into a holding company structure. This reorganization should provide benefits such as additional alternatives for funding the Bank’s growth, the ability to accommodate distinct subsidiaries for additional lines of business and increased efficiency with regard to potential acquisition activities.
  • Approval of the Park Sterling Bank 2010 Employee Stock Option Plan, Park Sterling Bank 2010 Director Stock Option Plan and Park Sterling Corporation Long-Term Incentive Plan, which together facilitate the stock option grants described in the Bank’s offering circular in connection with our recent public offering of common stock. The Long-Term Incentive Plan will also facilitate the issuance of various equity incentives upon consummation of the holding company reorganization, which remains subject to regulatory approval.

Approximately 20.7 million of the Bank’s outstanding 28.1 million shares were voted at the Special Meeting, with over 90% of shares voted in favor of each of the four proposals.

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