Park Sterling Bank to merge with South State Bank

Park Sterling Bank to merge with South State Bank

Charlotte-based Park Sterling Corp. will merge into South State Corp. of Columbia, S.C., creating a combined bank with $14.5 billion in assets and a presence in Virginia, Georgia and the Carolinas. The deal, which is slated to close in the fourth quarter, is valued at $690.8 million. Under the merger agreement, shareholders of Park Sterling will receive 0.14 shares of South State common stock for each share of Park Sterling common stock.

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