Profile: Park Sterling Corp (PSTB.OQ)
11 Mar 2014
Park Sterling Corp., formerly Park Sterling Bank, incorporated on September 8, 2006, is a North Carolina-chartered commercial bank. The Company offers deposit and loan banking services. Its primary focus is to provide these personal banking services to mid-sized businesses, real estate development and construction firms, business owners, executives, professionals, higher-net worth retail customers and others doing business or residing within its target markets. The Company’s primary market area consists of the Charlotte and Wilmington, North Carolina metropolitan statistical areas (MSAs). The Charlotte-Gastonia-Concord MSA consists of five countries in North Carolina (Anson, Cabarrus, Gaston, Mecklenburg and Union) and one country in South Carolina (York). The Wilmington MSA consists of New Hanover, Brunswick, and Pender countries in Southeast North Carolina. On October 2011, the Company acquired Community Capital Corporation. In October 2012, it acquired Citizens South Banking Corporation.
The Company provides a range of short-to-medium-term commercial, construction, mortgage and personal loans, both secured and unsecured. Variable rate loans accounted for 63.1% of the loan balances outstanding as of March 31, 2010, while fixed rate loans accounted for 36.9% of the balances. The balances of construction and development loans outstanding as of March 31, 2010, totaled $120.3 million. Loan amounts for these types of loans averaged approximately $35.8 million during the year ended December 31, 2009, and $35.5 million as of March 31, 2010. The Company originates one-to-four family residential construction loans for the construction of custom homes and provides financing to builders and consumers for the construction of new homes. Aggregate commercial real estate loan balances outstanding as of March 31, 2010, equaled $129.9 million, or 32.9% of its loan portfolio. As of March 31, 2010, the Company’s commercial loan portfolio totaled $41.8 million. Commercial loans include secured loans for working capital, expansion and other business purposes. The Company markets residential real estate loans and home equity lines of credit secured by its customers one-to-four family properties. As of March 31, 2010, its consumer loan portfolio totaled $6.3 million.
As of March 31, 2010, the Company’s investment securities were $43.2 million. The Company’s investment portfolio consists of the United States Government agency securities, mortgage-backed securities, municipal securities and other debt instruments.
Sources of Funds
The Company provides a range deposit services, including noninterest bearing checking accounts, interest bearing checking and savings accounts, money market accounts and certificates of deposit. As of March 31, 2010, brokered deposits comprised approximately 33.6% of its total deposits.
The Company offers courier services to its business customers. The couriers travel to the customers location, pick up non-cash deposits from the customer and deliver those deposits to the Company.
The Company offers a range of technology to its customers. The customers have the ability through online banking to pay bills, request check copies, reorder checks and make certain transfers. It also offers remote deposit capture, which allows customers to submit check images for deposit without leaving their offices.
Park Sterling Corp
Suite 201, 1043 E
CHARLOTTE NC 28204