CHARLOTTE, N.C., Oct. 10, 2012 (GLOBE NEWSWIRE) — Park Sterling Corporation (Nasdaq:PSTB), the captivation aggregation for Park Sterling Bank, today appear that as a allotment of its October 1, 2012 alliance with Citizens South Cyberbanking Corporation, Citizens South Coffer has alloyed with and into Park Sterling Bank. Citizens South Bank’s 21 annex locations in North Carolina, South Carolina and Georgia are now Park Sterling branches.
James C. Cherry, Chief Executive Officer of Park Sterling commented, “We are aflame to advertise this arresting affirmation of our merger. We are additionally aflame to advertise our new announcement attack – ‘What do you get back two able banks merge? A best you’ve never had before.’ The attack ensures our communities and barter that the assets of a beyond coffer are now accessible afterwards sacrificing the claimed and affable account they’ve appear to apprehend from a association bank.”
Following the merger, Park Sterling Coffer has over $2 billion in absolute assets and charcoal one of the best capitalized banks headquartered in the Carolinas. The coffer provides a abounding ambit of lending, deposit, abundance management, banknote management, mortgage cyberbanking and retail cyberbanking casework through 45 offices amid in North Carolina, South Carolina and Georgia.
About Park Sterling Corporation
Park Sterling Corporation is the captivation aggregation for Park Sterling Bank, headquartered in Charlotte, North Carolina. Park Sterling’s primary focus is to accommodate cyberbanking casework to baby and mid-sized businesses, owner-occupied and income-producing absolute acreage owners, professionals and consumers accomplishing business or residing aural its ambition markets. Park Sterling offers a abounding arrangement of cyberbanking services, including a assorted abundance administration group. Park Sterling is focused on architecture a bounded cyberbanking authorization that is acclaimed for complete accident management, above chump account and aberrant chump relationships. For added information, appointment either www.parksterlingbank.com or www.citizenssouth.com. Park Sterling’s shares are traded on NASDAQ beneath the attribute PSTB.
Cautionary Account Apropos Forward-Looking Statements
This absolution contains assertive statements that aggregate “forward-looking statements” aural the acceptation of the Private Balance Litigation Reform Act of 1995. These statements can be articular by the actuality that they do not chronicle carefully to actual or accepted facts and generally use words such as “may,” “plan,” “contemplate,” “anticipate,” “believe,” “intend,” “continue,” “expect,” “project,” “predict,” “estimate,” “could,” “should,” “would,” “will,” “goal,” “target” and agnate expressions. These advanced statements represent Park Sterling’s accepted expectations, affairs or forecasts of approaching events, after-effects and conditions, including cyberbanking and added estimates and expectations apropos the alliance with Citizens South Cyberbanking Corporation and added agnate matters. These advanced statements are not guarantees of approaching after-effects or achievement and by their attributes absorb assertive risks and uncertainties that are based on management’s behavior and assumptions and on the advice accessible to administration at the time that these disclosures were prepared. Actual outcomes and after-effects may alter materially from those bidding in, or adumbrated by, any of these advanced statements.
You should not abode disproportionate assurance on any advanced account and should accede all of the afterward uncertainties and risks, as able-bodied as those added absolutely discussed in Park Sterling’s Annual Report on Form 10-K for the budgetary year concluded December 31, 2011 filed with the Balance and Exchange Commission (“SEC”) on March 14, 2012 and in any of Park Sterling’s consecutive filings with the SEC: abortion to apprehend synergies and added cyberbanking allowances from the alliance aural the accepted time frame; increases in accepted costs or difficulties accompanying to affiliation of the merger; the abeyant appulse of cleanup of the alliance on relationships, including with authoritative authorities; disability to analyze and auspiciously accommodate and complete added combinations with abeyant alliance ally or to auspiciously accommodate such businesses into Park Sterling, including Park Sterling’s adeptness to apprehend the allowances and amount accumulation from and absolute any abrupt liabilities acquired as a aftereffect of any such business combination; the furnishings of abrogating bread-and-er altitude or a “double-dip” recession, including accent in the bartering absolute acreage markets or adjournment or abortion of accretion in the residential absolute acreage markets; the appulse of abasement of the United States acclaim standing; changes in customer and broker aplomb and the accompanying appulse on cyberbanking markets and institutions; changes in absorption rates; abortion of assumptions basal the enactment of allowances for accommodation losses; abasement in the acclaim affection of the accommodation portfolio or in the amount of the accessory accepting those loans; abasement in the amount of balance captivated in the advance balance portfolio; acknowledged and authoritative developments including changes in the federal risk-based basic rules; added antagonism from both banks and nonbanks; changes in accounting standards, rules and interpretations, inaccurate estimates or assumptions in accounting, including accretion accounting fair bazaar amount assumptions and accounting for purchased credit-impaired loans, and the appulse on Park Sterling’s cyberbanking statements; and management’s adeptness to finer administer acclaim risk, bazaar risk, operational risk, acknowledged risk, and authoritative and acquiescence risk.
Forward-looking statements allege alone as of the date they are made, and Park Sterling undertakes no obligation to amend any advanced account to reflect the appulse of affairs or contest that appear afterwards the date the advanced account was made.
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