Ultimate Review of Park Sterling Bank’s Disappearance
Park Sterling Bank was once a bank situated in Charlotte, North Carolina. Its parent company was Park Sterling Corp.
Its total assets were estimated to be worth $3.3 billion. It had a lot of branches spread over North and South Carolina, Georgia and Virginia. On November 30, 2017, the bank merged with South State Bank.
Park Sterling Bank was launched in October 2006 with a capital of around $45 million.
It was one of the several community banks in Charlotte, North Carolina. It was led by Bryan Kennedy, Chairman.
On August 2, 2010, the bank announced federal approval for its plan to purchase troubled, but not failed banks with a range of $300 million to $2 billion in assets, and to open new branches.
The then-new CEO, Jim Cherry, later said that the bank was to have assets worth $8 to $10 billion, with branches in Virginia and Carolina.
On August 13, 2010, the bank held its initial public offering that was expected to raise $150 million. This event would later give the bank a total of $600 million in assets, making it be the second-largest bank in Charlotte.
Park Sterling Corp. made its first acquisition, Community Capital Corp. of Greenwood, South Carolina on March 31, 2011. The deal was valued at $32. 4 million.
The Community Capital bank gave Park Sterling a total of 21 branches and remained with only 18 South Carolina branches on its name.
This deal was later closed in the fourth quarter after giving the bank a total of $1.2 billion in assets.
On May 1, 2014, the bank made a deal valued at $6.5 million with Provident Community Bank of Rock Hill, South Carolina.
On October 1, 2015, its parent company, Perk Sterling Corp, announced the acquisition of First Capital Bancorp of Glen Allen, Virginia. The deal was valued at $82.5 million.
On May 14, 2012, the parent company announced that it was on plans of purchasing Citizens South Banking Corp. of Gastonia, North Carolina. The deal was valued at $77.4 million.
Citizens South was started in 1904 as a Gastonia Mutual Building and Loan Association. It was Gaston County’s oldest community bank.
Acquisition by South State
On April 27, 2017, South State Corp. of Columbia, South Carolina entered a deal with Park Sterling for its acquisition. The deal was worth $690.8 million. South State Corp. is the largest bank situated in South Carolina.
On November 30, 2017, the two companies completed the deal with signs changed in April 2018. Later, South State added 43 more branches with five in Georgia, 17 in North Carolina, 8 in Virginia and 23 in South Carolina.
If you are coming across the bank for the first time, it is important to know that the bank was already acquired by South State Corp and it no longer operates as an independent bank.