Park Sterling Corp. in Charlotte, N.C., said Thursday that it has agreed to buy Community Capital Corp. of Greenwood, S.C.

Park Sterling said it would pay $32.4 million in cash and stock for Community Capital.

With the acquisition Park Sterling would have assets of more than $1.2 billion, $903 million of deposits and 21 branches in North and South Carolina.

Community Capital shareholders would receive either $3.30 in cash or 0.667 shares of Park Sterling common stock for each Community share.

Park Sterling is to pay 40% in cash and 60% in common stock; the deal is priced at roughly 70% of Community Capital's book value.

The move is part of a strategy, spearheaded by a group of former Wachovia Corp. executives, to build an $8 billion- to $10 billion-asset community bank in the Carolinas and Virginia, using Park Sterling Bank as a platform.

James Cherry, Park Sterling's chief executive, said in a press release that Community Capital "provides an attractive source of core deposits in close proximity to both our existing footprint and to nearby South Carolina growth markets."

The deal is expected to close in the third quarter.

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