Thursday, September 27, 2012

Park Sterling, Citizens South merger should close next week

The merger of Park Sterling Corp. and Citizens South Banking Corp. is expected to close next week after shareholders approved it at a meeting Wednesday, the two banks said today.

They banks have already received regulatory approval for the merger, Park Sterling said, setting Monday as the expected date of completion. The banks should be combined by Oct. 10.

The merger of two of the largest Charlotte-area community banks was announced in May. Citizens South reported earlier this month that it had settled a shareholder lawsuit seeking to block the deal.

More than 99 percent of the Park Sterling vote was in favor of the merger, according to a securities filing Thursday afternoon. The Citizens South vote count was not yet released.