Park Sterling Corporation and Citizens South Banking Corporation Says Expect to Consummate Merger on October 1, 2

Park Sterling Corporation

and Citizens South Banking Corporation

jointly announced today that they currently expect to consummate their proposed merger on October 1, 2012, or as soon as practicable thereafter. Park Sterling and Citizens South both received approval for the merger and the merger agreement at their special meetings of shareholders and stockholders, respectively, held on September 26, 2012. All of the necessary regulatory approvals have been received for both the parent and bank mergers. It is currently anticipated that Citizens South Bank will merge with and into Park Sterling Bank on October 10, 2012, or as soon as practicable thereafter. James C. Cherry, Chief Executive Officer of Park Sterling, commented, "This merger will bring together two strong banks to create the largest community bank in the Charlotte region, with offices stretching across the Carolinas and into north Georgia. Customers of both Park Sterling and Citizens South will benefit from the enhanced product and service offerings of our larger company without sacrificing the friendly and personal service they expect from their community bank."