Friday, January 3, 2014

Park Sterling Bank entering Virginia market

Charlotte's largest regional bank said Friday that it is expanding into Virginia, forming a commercial banking team and hiring two new business line heads from the Richmond, Va. area.

Park Sterling Bank entered the new market by hiring five bankers from Charlottesville, Va.-based StellarOne Bank. It was acquired by Richmond's Union First Market Bankshares Corp. in a deal that closed Jan. 1.

Three executives from StellarOne will form Park Sterling Bank's first commercial lending team in Virginia. Rob Leitch, Tom Zachry and Bobby Cowgill will hold senior vice president titles at Park Sterling.

The bank also hired Michael Williams to lead Park Sterling's wealth management business, a new position. He had been director of wealth management at StellarOne.

Steve Farbstein comes to Park Sterling as head of mortgage banking after serving in a similar role at StellarOne.

They'll work initially from a loan production office. Park Sterling Bank said it ultimately hopes to get regulatory approval for full-service banking in the state.

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