Park Sterling Corporation Expands Its Business Line in Growth Markets With New Hire

CHARLOTTE, NC--(Marketwire - May 20, 2011) - Park Sterling Corporation (NASDAQ: PSTB), the holding company for Park Sterling Bank, announced today the hiring of David L. Shelnutt, formerly Director, Monitored Credit Group for Carolina First Bank. Mr. Shelnutt, overseeing a team of veteran bankers, will lead the newly formed Asset Based Lending (ABL) business, which will operate out of Greenville, South Carolina.

"We consider this a good time in the economic cycle to offer creative business financing solutions, in a monitored credit environment, to our commercial customers. We believe ABL represents a solid growth opportunity for Park Sterling and follows the strategy of diversifying our portfolio of business lines. The Greenville/Spartanburg region represents a wide trade area and is a dynamic base from which to grow the ABL portfolio throughout Park Sterling's footprint. We are pleased to welcome David Shelnutt, an accomplished banker with years of monitored credit experience and an extensive network of commercial customers, to lead this new business," said James C. Cherry, Chief Executive Officer of Park Sterling.

David Shelnutt has over 30 years of banking experience which has included Senior Credit and line positions at Wachovia and other regional institutions. He brings a broad background in both credit and production and a deep knowledge of the Southeast regional markets. Mr. Shelnutt is a graduate of Georgia Southern University and holds an MBA from the University of South Carolina.

About Park Sterling Corporation

Park Sterling Corporation is the holding company for Park Sterling Bank, headquartered in Charlotte, North Carolina. The Bank's primary focus is to provide banking services to small and mid-sized businesses, owner occupied and income producing real estate owners, professionals, and other customers doing business or residing within its target areas. Park Sterling 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 further information, visit www.parksterlingbank.com. Park Sterling's shares are traded on NASDAQ under the symbol PSTB.