Park Sterling Bank
Park Sterling Bank, whose parent company was Park Sterling Corp. (), was a bank based in Charlotte, North Carolina. It had $3.3 billion in assets and branches in North and South Carolina, Virginia and Georgia. A merger with South State Bank was completed November 30, 2017. History 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 August 13, the bank held its initial public offering, expected to raise $150 million. This would give the bank $600 million in assets, making it the second-largest bank