Park Sterling Corp. (PSTB) in Charlotte has agreed to buy Provident Community Bancshares (PCBS) in Rock Hill, S.C.

Park Sterling would pay roughly $6.5 million for Provident — $1.4 million of which would go to Provident shareholders and $5.1 million would go to the Treasury Department to redeem outstanding Provident shares that were issued under the Troubled Asset Relief Program. The deal, announced Wednesday, is expected to close in the second quarter.

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