On May 14, 2012, McGuireWoods client Park Sterling Corporation (PSTB), the holding company for Park Sterling Bank, announced the signing of a merger agreement with Citizens South Banking Corporation (Citizens South). Park Sterling, a Charlotte-based community bank led by former Wachovia senior executive James C. Cherry, has embarked on a series of growth initiatives to further its plan of becoming a leading financial institution in the Carolinas, Georgia and Virginia. The announcement of the signing of its second major acquisition is an important step in that plan and, when closed, will result in the doubling of its assets to over $2 billion.
