Park Sterling and Citizens South merge
Citizens South and Park Sterling have merged.
Park Sterling Corporation and Citizens South Banking Corporation have been in business negotiations and have announced they have signed a definitive merger agreement.
Under the terms of the transaction, Citizens South will be acquired by Park Sterling for $77.8 million (£48.38 million).
Furthermore, preferred stock valued at $20.5 million will be transferred to the Department of the Treasury in the US as part of Citizens South's participation in the nation's Small Business Banking Fund.
Negotiation skills have enabled the agreement to have been approved unanimously by each company's board of directors.
The combined enterprise will have 45 branches, spreading across North Georgia and the Carolinas, as well as total assets of approximately $2.2 billion.
"Our proposed merger with Citizens South is the culmination of extensive due diligence and thoughtful discussions," Park Sterling chief executive officer James Cherry revealed.
Recently, Park Sterling Bank and CapitalBank merged, with all of CapitalBank's branches operating under the Park Sterling logo.
Posted by Ron Maverick
Source: Joint press release, May 14th