Early history Park Sterling Bank began with $45 million in capital in October 2006, one of several community banks in Charlotte, North Carolina. Bryan Kennedy, formerly of
Regions Financial Corporation, was chairman. By April 2007 the bank announced plans to open a loan production office in
Wilmington, North Carolina. On August 2, 2010, Park Sterling announced federal approval for the bank's plan to buy troubled, but not failed, banks with $300 million to $2 billion in assets, and to open new branches. New CEO Jim Cherry, formerly of
Wachovia, later said the bank planned to have assets of $8 to $10 billion, with branches in the Carolinas and
Virginia. Also, Kennedy was staying on as president, and Bud Baker of Wachovia would be chairman. On March 31, 2011, Park Sterling Corp. announced its first acquisition, Community Capital Corp. of
Greenwood, South Carolina, in a deal worth $32.4 million. Community Capital's 18 South Carolina branches, which would continue using the Capital Bank name, would give Park Sterling a total of 21 branches. Community Capital CEO Bill Stevens would become the CEO for South Carolina. The deal closed in the fourth quarter and gave the bank $1.2 billion in assets. The new name Citizens South was announced in January 2002. Citizens South opened a $5.5 million headquarters in June 2004, a "
Georgian-style, white-columned brick building" which was nicknamed "
Taj Ma-Hoyle" after board chairman David Hoyle. In a deal completed October 31, 2005, Citizens South bought Trinity Bank, a community bank started in 1999 in
Monroe, North Carolina, with three offices in
Union County. The deal gave Citizens South $684 million in assets and made it the Charlotte area's eighth-largest bank. In June 2007, Citizens South had 14 locations in North Carolina when it
broke ground on its first full-service
South Carolina office in
Rock Hill, where it already had a loan production office. Citizens South also bought two failed north Georgia banks in deals made with the
Federal Deposit Insurance Corporation. On April 15, 2011, New Horizons Bank, with one location in
East Elijay, failed and Citizens South took over. The Citizens South deal gave Park Sterling $2.2 billion in assets, $1.7 billion in deposits, and 45 branches. An operations center would remain in Gastonia after the deal closed in October, and Citizens South CEO Kim Price would become Park Sterling vice chairman.
Other deals On May 1, 2014, Park Sterling completed a $6.5 million deal with Provident Community Bank of
Rock Hill, South Carolina. On October 1, 2015, Park Sterling Corp. announced the purchase of First Capital Bancorp. of
Glen Allen, Virginia, a deal valued at $82.5 million.
Acquisition by South State On April 27, 2017, Park Sterling agreed to be acquired by South State Corp. of
Columbia, South Carolina, the largest bank based in South Carolina, for $690.8 million. The deal was completed November 30, 2017 with signs changed in April 2018. South State added 43 branches, five in Georgia, 23 in South Carolina, 17 in North Carolina and eight in Virginia, for a total of 165. It has $14.5 billion in assets. ==References==