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Park Sterling Corp and Provident Community bancshares Inc to merge


Wednesday, 5 Mar 2014 07:00am EST 

Park Sterling Corp and Provident Community bancshares Inc:Says the signing of a definitive merger agreement under which Park Sterling will acquire Provident Community for a total transaction value of about $6.5 mln.Merger consideration will include $0.78 per share, or about $1.4 mln, in cash to common stockholders for all of the outstanding common stock.Include $550 per share, or about $5.1 mln, in cash to the United States Department of the Treasury for all of the outstanding Fixed Rate Cumulative Perpetual Preferred Stock, Series A.The purchase price for the Series A Preferred Stock represents a 45%, or $4.2 million, discount from its face value of $1,000 per share.Closing of the transaction, which is expected to occur in Q2 2014. 

Company Quote

6.99
0.3 +4.48%
24 Jul 2014