Tuesday, October 2, 2012

Park Sterling, Citizens South merger closes

Park Sterling Corp.'s acquisition of Citizen South Banking Corp. closed Monday, the bank announced, in what ended up being an $83.2 million deal.

That's a slightly richer value than was given when the deal was announced in May as Park Sterling shares have risen. Citizens South shareholders will receive either $7 or 1.4799 shares per share held. The total deal is 30 percent cash and 70 percent stock.