Park Sterling to merge with South State Corp.
Park Sterling Corp., a Charlotte, N.C.-based community bank with operations in Virginia, is merging with Columbia, S.C.-based South State Corp. in an all-stock deal worth $690.8 million.
The merger will give South State entry to the Richmond market.
James C. Cherry, the CEO of Park Sterling, has been based in Richmond. After Park Sterling is merged into South State’s operations, he will be appointed to the combined company's board of directors.
On March 31, Park Sterling had approximately $3.3 billion in assets and $2.5 billion in deposits. It has 50 branches across North Carolina, South Carolina, Virginia and Georgia.
After the merger, South State will have about $14.5 billion in assets, $11.5 billion in deposits and $10.4 billion in loans.
Under the terms of the agreement, Park Sterling shareholders will receive 0.14 shares of South State common stock for each share of their Park Sterling common stock.