CHARLOTTE, NC and GREENWOOD, SC--(Marketwire - Dec 1, 2011) - Park Sterling Corporation (
"We are excited to announce this visible evidence of our merger," said Bill Stevens, Park Sterling's South Carolina Chief Executive Officer.
"This partnership allows us to continue to provide a diverse set of products, including wealth management, cash management and residential mortgages, across a wide footprint and with significant capital backing our bank. More importantly our South Carolina customers will continue to do business with the same staff they have come to know over our 22 year history."
Stevens said that customers of the former CapitalBank branches will experience minimal change as the merger is completed. Branch staff and hours will remain the same and customers can be assured of receiving the same exceptional service. Customers will also have access to Park Sterling branches in Charleston and Greenville, S.C., and Charlotte, Raleigh and Wilmington, N.C.
"The merger process has progressed very smoothly because of the strong business and cultural fit between the two organizations," Stevens said. "This combination makes sense for our customers, shareholders and employees. Customers will continue to benefit as Park Sterling expands into additional markets and offers additional products and services."
As of today, Park Sterling has approximately $1.1 billion in total assets, $820 million in total deposits, and is one of the best capitalized banks in the Carolinas. There are now 22 Park Sterling Bank branches and two loan production offices across North and South Carolina.
About Park Sterling Corporation
Park Sterling Corporation is the holding company for Park Sterling Bank, headquartered in Charlotte, North Carolina. Park Sterling's primary focus is to provide financial services to small and mid-sized businesses, owner-occupied and income producing real estate owners, professionals and consumers doing business or residing within its target markets. Park Sterling offers a full array of banking services, including a diverse wealth management group. Park Sterling is committed to building a banking franchise across the Carolinas and Virginia that is noted for sound risk management, superior customer service and exceptional client relationships. For more information, visit www.parksterlingbank.com. Park Sterling's shares are traded on NASDAQ under the symbol PSTB.
Cautionary Statement Regarding Forward-Looking Statements
This news release contains, and Park Sterling and its management may make, certain statements that constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by the fact that they do not relate strictly to historical or current facts and often use words such as "may," "plan," "contemplate," "anticipate," "believe," "intend," "continue," "expect," "project," "predict," "estimate," "could," "should," "would," "will," "goal," "target" and similar expressions. These forward-looking statements express management's current expectations, plans or forecasts of future events, results and condition, including financial and other estimates and expectations regarding the merger with Community Capital Corporation, the general business strategy of engaging in bank mergers, organic growth including branch openings and anticipated asset size, expansion of product capabilities, capital and liquidity levels, and other similar matters. These statements are not guarantees of future results or performance and by their nature involve certain risks and uncertainties that are based on management's beliefs and assumptions and on the information available to management at the time that these disclosures were prepared. Actual outcomes and results may differ materially from those expressed in, or implied by, any of these forward-looking statements. You should not place undue reliance on any forward-looking statement and should consider all of the uncertainties and risks discussed in any of Park Sterling's filings with the SEC.
Forward-looking statements speak only as of the date they are made, and Park Sterling undertakes no obligation to update any forward-looking statement to reflect the impact of circumstances or events that arise after the date the forward-looking statement was made.