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Park Sterling Corporation (PSTB) in Charlotte, N.C., said Monday it has completed its purchase of Citizens South Banking Corp. in Gastonia, N.C., for $83 million, the same day Capital Bank Financial of Coral Gables, Fla., announced the completion of its acquisition of Southern Community Financial in Winston-Salem, N.C., for $47 million.
October 2 -
The more than $500 million that investors pumped into banks in the Tar Heel State has turned marginal players into consolidators, provided a way to absorb failures and instilled new discipline.
June 14
The former leaders of Southern Community Financial in Winston-Salem, N.C., have found new careers outside of the banking industry.
Scott Bauer and Jeff Clark created BauerClark Associates earlier this month. The consulting firm will offer a range of strategic planning services to small businesses, says Bauer, who was Southern Community's chief executive from its 1996 opening until its sale to Capital Bank Financial (CBF)
"When we left the bank both of us didn't really know what we wanted to do," Bauer says. "It took a while to focus in on that. Our passion is working with small businesses. We started one and we have worked with them over the years at the bank."
BauerClark will offer advice on finding capital and loans, mergers and succession planning, sales and marketing, and customer service. The company will initially focus on North Carolina, but could eventually offer its services to clients in other Southeastern states.
"If you name it, we can do it," Bauer says.
The only thing they won't offer is banking services. Bauer would not comment on any specifics about their
The former executives also have no desire to return to banking after living through the worst financial crisis in recent memory. "We're very much into working in private industry right now and having something autonomous that we can call our own," he says.
