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.