Park Sterling Corporation
PSTB, the holding company for Park Sterling Bank, today announced the
final proration results of the Citizens South Banking Corporation shareholder
election associated with the merger of Citizens South Banking Corporation with
and into Park Sterling Corporation, completed on October 1, 2012.
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.
Of the 11,517,139 shares of Citizens South outstanding immediately prior to
closing the merger: (i) 7,831,678, or 68.0%, elected to receive stock
consideration; (ii) 1,510,034, or 13.1%, elected to receive cash
consideration; and (iii) 2,175,428, or 18.9%, made no election. As a result:
- All shares as to which a stock election was made will receive 1.4799
shares of Park Sterling common stock for each Citizens South share,
representing $7.31 per share based upon the $4.94 per share closing price of
Park Sterling's common stock on September 28, 2012, the trading day prior to
completion of the merger;
- All shares as to which a cash election was made will receive $7.00 in cash
for each Citizens South share; and
- All shares as to which no election was made will receive 0.156721 shares
of Park Sterling common stock and $6.26 in cash for each Citizens South
share, representing $7.03 per share based upon the $4.94 per share closing
price of Park Sterling's common stock on September 28, 2012, the trading day
prior to completion of the merger.
Park Sterling issued 11,930,949 total shares as consideration in the merger
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