Park Sterling Bank Announces Commencement of Common Stock Offering

CHARLOTTE, N.C., July 29 /PRNewswire/ -- Park Sterling Bank announced today that it has commenced a public offering of 23 million shares of its common stock, with Keefe, Bruyette & Woods acting as lead manager and sole book runner and Sandler O'Neill + Partners, L.P., Morgan Keegan & Company and Scott & Stringfellow serving as co-managers.  The underwriters will have a 30-day option to purchase up to an additional 15 percent of the offered amount of common stock from the Company to cover over-allotments, if any.  The Bank expects the offering price to be between $9.00 and $11.00 per share.

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The Bank intends to use the net proceeds from the offering for general corporate purposes, including to fund organic growth and possible future acquisitions of other financial institutions, and its working capital needs.

About Park Sterling Bank

Park Sterling Bank, headquartered in Charlotte, N.C., is dedicated to providing personal, comfortable banking services tailored to the needs and goals of its customers and delivered by a remarkably experienced team of bankers.  For more information, visit www.parksterlingbank.com.

The information included in this press release related to the proposed capital raise does not constitute an offer to sell the securities of the Bank and the Bank is not soliciting an offer to buy such securities.  Any such offer, if made, may only be made pursuant to an offering circular, copies of which may be obtained from Keefe, Bruyette & Woods, Equity Syndicate Department, at 787 Seventh Avenue, 4th Floor, New York, New York 10019, or toll free at 1-800-966-1559.  

This press release contains forward-looking statements that are based on management's expectations.  All statements in this communication, other than those relating to historical information or current condition, are forward-looking statements.  These statements are not guarantees that events in the future will occur and involve certain risks and uncertainties.

These securities are not deposits.  These securities are not insured by the Federal Deposit Insurance Corporation or any other agency, and are subject to investment risk, including the possible loss of principal.

Neither the Federal Deposit Insurance Corporation nor the Securities and Exchange Commission or any state securities commission has approved or disapproved these securities or passed on the adequacy or accuracy of the offering circular.  Any representation to the contrary is unlawful.

SOURCE Park Sterling Bank