Park Sterling Corporation announces final proration results

theflyonthewall.com

Park Sterling, the holding company for Park Sterling Bank, announced the final proration results of the Citizens South Banking Corp. shareholder election associated with the merger of Citizens South Banking Corporation with and into Park Sterling, completed on Oct.1. Under the terms of the merger agreement, Citizens South stockholders could elect to receive either $7.00 in cash or 1.4799 shares of Park Sterling common stock, or a combination thereof, for the Citizens South shares they owned immediately prior to the merger, subject to the limitation that the total consideration would consist of 30.0% in cash and 70.0% in Park Sterling shares. Park Sterling issued 11,930,949 total shares as consideration in the merger

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