January 11, 2016
A team of McGuireWoods community banking lawyers represented Park Sterling Corporation, the holding company for Park Sterling Bank, in the Jan. 1, 2016, closing of its acquisition by merger of Richmond, Virginia-based First Capital Bancorp, the holding company for First Capital Bank. Park Sterling, headquartered in Charlotte, North Carolina, acquired First Capital in a transaction valued at approximately $87 million.
The deal – the fourth that McGuireWoods’ community banking team has handled for Park Sterling – involved merger consideration consisting of Park Sterling stock issued in an SEC-registered transaction and the payment of cash. The combined company has approximately $3.1 billion in total assets, $2.5 billion in total deposits and $2.2 billion in total loans in a network comprising 57 offices in the Carolinas, Virginia and North Georgia, including 10 offices now in the in the important Richmond market. The Richmond region has become the company’s second-largest deposit market after the Charlotte-Concord-Gastonia regional market in North Carolina and South Carolina.
The deal team was led by Chris Scheurer and David Wolpa and also included Anne Team Kelly and Porter Durham, Paul Navarro, Gerald Thomas, Michael Rodgers and Felicia Gardner, with the critical assistance of paralegals Cheryl Smith and Janis Paiva.