Park Sterling Corporation (Nasdaq:PSTB), the holding company for Park Sterling Bank, and Citizens South Banking Corporation (Nasdaq:CSBC), the holding company for Citizens South Bank, jointly reported the signing of a definitive merger agreement under which Park Sterling will acquire Citizens South for a total value of approximately $77.8 million, excluding the exchange of $20.5 million in preferred stock issued to the United States Department of the Treasury in connection with Citizens South's participation in the Small Business Lending Fund.
Upon completion of the transaction, the combined company will have approximately $2.2 billion in total assets, $1.7 billion in total deposits, $1.4 billion in total loans, and a network of 45 branches in the Carolinas and North Georgia.
The combined company will rank as the largest community bank in the Charlotte-Gastonia-Rock Hill MSA, based on the most recent available deposit market share data, with 14 branches and pro forma deposits of approximately $771 million (source: SNL Financial; June 30, 2011).
Under the terms of the merger agreement, Citizens South shareholders will have the right to receive either $7.00 in cash or 1.4799 Park Sterling shares for each Citizens South share they hold, subject to the limitation that the total consideration will consist of 30.0% in cash and 70.0% in Park Sterling shares. Those Citizens South shares exchanged for stock will convert to Park Sterling shares in what is intended to be a tax-free exchange. Cash will also be paid in lieu of fractional shares.
The transaction value at the time of the proposed merger may change due to potential fluctuations in the price of Park Sterling stock.
Crown Equity Holdings Inc., (CRWE.OB) offers advertising branding and marketing services as a worldwide online multi-media publisher with its digital network of websites and focuses on the distribution of information for the purpose of bringing together a targeted audience and the advertisers that want to reach them.
CRWE?s advertising services cover and connect a range of marketing specialties, as well as provide search engine optimization for clients interested in online media awareness.
CRWE?s subsidiary Crown Tele Services Inc. is a provider of affordable, world class Voice over Internet Protocol (VoIP) communications solutions .
As opposed to Public Switched Telephone Network (PSTN), VoIP or Internet telephony works using the Internet as the media.
Businesses are always looking for ways to cut costs. Due to its low operational costs, VoIP is a great choice for conducting day-to-day business communications.
More about CRWE at www.crownequityholdings.com.
Monro Muffler Brake, Inc. (Nasdaq:MNRO), a leading provider of automotive undercar repair and tire services, will release fourth quarter and fiscal 2012 earnings on May 24, 2012. The Company will host a conference call and audio webcast on Thursday, May 24, 2012 at 11:00 a.m. Eastern Time.
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