COLUMBIA, S.C.--(BUSINESS WIRE)--South State Corporation (NASDAQ: SSB) announced today the completion of its merger with Park Sterling Corporation (NASDAQ: PSTB).
Under the terms of the merger agreement, Park Sterling shareholders will receive 0.14 shares of South State common stock in exchange for each Park Sterling share outstanding immediately prior to the merger. Park Sterling Bank, the Park Sterling Corporation bank subsidiary, has merged with South State Bank, a South Carolina banking corporation and the wholly owned banking subsidiary of South State Corporation.
“We are pleased to announce the completion of this merger with Park Sterling and look forward to welcoming their employees and customers to South State,” said Robert R. Hill, Jr., CEO of South State Corporation. “This is a significant step forward in accomplishing our vision to build a quality regional bank in the Southeast.”
With this merger, South State Corporation has assets over $14 billion and a market capitalization of approximately $3 billion.
“We are proud to partner with South State and this combination will fulfill the vision we laid out in 2010,” said James C. Cherry, CEO of Park Sterling Corporation. “Together, we have the scale and resources necessary to deliver value-added services to our customers.”
As a result of the merger, 53 locations will be added to the South State footprint, 5 in Georgia, 23 in South Carolina, 17 in North Carolina and 8 in Virginia. This provides increased accessibility and convenience for customers with 170 locations and over 200 ATMs throughout South State’s banking network. South State anticipates that the system conversion and transition of Park Sterling branch signage will occur in the second quarter of 2018.
In addition, in connection with the merger, Cherry and Jean E. Davis, a former director of Park Sterling, have been appointed to the South State Corporation and Bank Board of Directors. Cherry has served as CEO of Park Sterling Corporation since its inception. Prior to Park Sterling, he served in numerous executive roles for Wachovia Corporation. Cherry is currently a director of Armada Hoffler Properties, Inc. (NYSE:AHH), a Virginia-based REIT.
Davis has been a director of Park Sterling Corporation since 2011. In 2006, she retired from Wachovia Corporation as Head of Operations, Technology and e-Commerce. She currently chairs both the Safe Alliance Board of Directors and the Charlotte Latin School Board of Trustees.
Information about the customer transition is available at SouthStateBank.com.
South State Corporation (NASDAQ: SSB) is a financial services company headquartered in Columbia, South Carolina, with over $14 billion in assets. South State Bank, the company’s primary subsidiary, provides consumer, commercial, mortgage and wealth management solutions throughout the Carolinas, Georgia and Virginia. South State has served customers since 1934. Additional information is available at SouthStateBank.com.