South State to buy Park Sterling in N.C. for $691 million

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South State Corp. in Columbia, S.C., has agreed to buy Park Sterling in Charlotte, N.C.

The $11.2 billion-asset South State said in a press release Thursday that it will pay $691 million in stock for the $3.3 billion-asset Park Sterling. The deal is expected to close in the fourth quarter.

Acquiring Park Sterling, which has $2.5 billion in deposits and $2.5 billion in loans, would provide South State with its first branches in Virginia.

“Our partnership with Park Sterling is a natural next step,” Robert Hill Jr., South State’s CEO, said in the release. “We both have a common vision for building a quality regional bank in the Southeast, and this is a significant step forward in accomplishing that goal.”

Keefe, Bruyette, & Woods and Wachtell, Lipton, Rosen & Katz advised South State. Stephens Inc. and McGuireWoods advised Park Sterling.

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