Park Sterling Bank
| Company type | Subsidiary |
|---|---|
| Industry | Banking |
| Founded | October 2006 |
| Defunct | November 30, 2017 |
| Fate | Merged with South State Bank |
| Successor | South State Bank |
| Headquarters | Charlotte , United States |
Area served | North Carolina, South Carolina, Virginia, Georgia |
Key people | Bryan Kennedy (Chairman), Jim Cherry (CEO), Bud Baker (Chairman), Kim Price (Vice Chairman) |
| Products | Financial services |
| Owner | Park Sterling Corp. |
| Parent | Park Sterling Corp. |
Park Sterling Bank was a financial institution headquartered in Charlotte, North Carolina, managing $3.3 billion in assets and operating branches throughout North Carolina, South Carolina, Virginia, and Georgia. Its parent entity was Park Sterling Corp. (). On November 30, 2017, the bank completed a merger with South State Bank.
Founding and Initial Growth
Established in October 2006 with an initial capital of $45 million, Park Sterling Bank emerged as one of several community banks based in Charlotte. Bryan Kennedy, who previously worked at Regions Financial Corporation, held the position of chairman. By April 2007, the bank had plans to launch a loan production office located in Wilmington, North Carolina.
In August 2010, Park Sterling obtained federal authorization to acquire distressed banks possessing assets ranging from $300 million to $2 billion and to broaden its branch network. Jim Cherry, formerly with Wachovia, assumed the role of CEO with a goal to expand assets to between $8 billion and $10 billion while extending branch presence across the Carolinas and Virginia. Bryan Kennedy continued as president, and Bud Baker from Wachovia took on the chairman role. The bank conducted its initial public offering on August 13, 2010, aiming to raise $150 million to increase assets to $600 million, positioning it as Charlotte’s second-largest banking institution.
On March 31, 2011, Park Sterling announced its inaugural acquisition: Community Capital Corp., based in Greenwood, South Carolina, for $32.4 million. The eighteen branches of Community Capital in South Carolina retained the Capital Bank branding, elevating Park Sterling’s branch count to 21. Bill Stevens, CEO of Community Capital, was appointed CEO for operations in South Carolina. This transaction closed during the fourth quarter of 2011 and elevated total assets to $1.2 billion.
Citizens South Acquisition
On May 14, 2012, Park Sterling Corp. declared its acquisition of Citizens South Banking Corp., headquartered in Gastonia, North Carolina, for $77.4 million. Established in 1904 as Gastonia Mutual Building and Loan Association, Citizens South was Gaston County’s oldest community bank and notably the sole local lender that survived The Great Depression. Kim Price joined the organization in 1997 to oversee its transformation from a savings and loan institution into a full-service bank. The company went public in 1998 as Gaston Federal Bank under its parent company Gaston Bancorp.
In July 2001, Gaston Bancorp acquired Salisbury-based CitizensBank for $38 million, increasing assets to $470 million and expanding the branch network to nine locations. The merged entity adopted the Citizens South name in January 2002. In June 2004, Citizens South inaugurated a new Georgian-style headquarters costing $5.5 million and spanning 24,000 square feet; this building earned the nickname "Taj Ma-Hoyle" after board chairman David Hoyle.
On October 31, 2005, Citizens South expanded further by acquiring Trinity Bank of Monroe, North Carolina. This addition incorporated three branches and lifted assets to $684 million, making it the eighth-largest bank in Charlotte at that time. By June 2007, Citizens South operated fourteen branches across North Carolina and commenced construction on its first full-service office located in Rock Hill, South Carolina.
The bank extended its footprint into Georgia by acquiring two failed institutions through FDIC transactions: Bank of Hiawassee—with branches in Blairsville and Blue Ridge—in 2010 contributed $294 million in assets and five branches; this raised total assets to $1.1 billion across twenty-one locations. In April 2011, Citizens South also acquired New Horizons Bank situated in East Ellijay, Georgia.
Following its acquisition by Park Sterling, combined assets reached $2.2 billion with deposits totaling $1.7 billion and a network of forty-five branches. Operations continued out of Gastonia after the merger, with Kim Price appointed as vice chairman of Park Sterling.
Additional Transactions
On May 1, 2014, Park Sterling finalized the acquisition of Provident Community Bank located in Rock Hill, South Carolina for $6.5 million.
On October 1, 2015, Park Sterling Corp. revealed its $82.5 million acquisition of First Capital Bancorp., based in Glen Allen, Virginia.
South State Acquisition
Park Sterling agreed to be purchased by South State Corp., headquartered in Columbia, South Carolina and the largest bank in the state, on April 27, 2017, for $690.8 million. The transaction was completed on November 30, 2017, with full rebranding finalized by April 2018. This acquisition incorporated 43 new branches spanning Georgia, South Carolina, North Carolina, and Virginia, increasing South State's branch count to 165 and total assets to $14.5 billion.