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Park Sterling Corp. (PSTB) in Charlotte has agreed to buy Provident Community Bancshares (PCBS) in Rock Hill, S.C.
March 5 -
The Charlotte, N.C., bank offers a model for other community banks that have expanded quickly in recent years but face a pricier M&A market: focus on smaller deals that provide additional liquidity and plug geographic holes.
March 10 -
Park Sterling (PSTB) in Charlotte, N.C., has added to its recently established team in Virginia.
February 21 -
The $2 billion-asset company is moving the headquarters of its mortgage banking and wealth management businesses to the Greater Richmond area, according to a Friday press release.
January 3 -
Park Sterling Corporation in Charlotte, N.C., announced Monday that it is buying Citizens South Bank in Gastonia, N.C., in a deal that would instantly double its size.
May 14
Park Sterling in Charlotte, N.C. reported lower quarterly earnings as integration costs for a recent acquisition overshadowed solid loan growth.
The $2.3 billion asset company's net income fell 36% from the second quarter and 42% from a year earlier, to $2.5 million, or 6 cents a share. Comparisons to the third quarter of 2013 were influenced by Park Sterling's May acquisition of
Net interest income rose 9% from the second quarter, to $20.7 million. Total loans increased 5% from June 30, to $1.6 billion. The net interest margin expanded by 3 basis points over that period, to 3.98%.
Noninterest expenses rose 13% from a quarter earlier, to $20.6 million. The company reported $2.2 million in merger-related expenses in the third quarter, accounting for 90% of the linked-quarter increase.
Noninterest income fell 22% from the second quarter, to $3.1 million, reflecting a $1.3 million increase in amortization expenses tied to past acquisitions of failed banks.
Park Sterling recorded a $484,000 credit to its loan-loss provision.
Park Sterling has 53 branches in the North Carolina, South Carolina, Georgia and Virginia.