The Federal Reserve Board approved an application allowing the merger of South State Corp. and Charlotte-based Park Sterling Corp.
The merger, originally announced in April, allows South State Corp. to acquire Park Sterling Corp.’s subsidiary bank, Park Sterling Bank, and add it to South State Bank in Columbia. Park Sterling Bank has more than 50 branches across the Carolinas, Virginia and Georgia.
South State is the largest bank holding company headquartered in South Carolina. The company’s primary subsidiary, South State Bank, has operations in 25 S.C. counties, 15 counties in Georgia and four in North Carolina.
According to the report from the Federal Reserve Bank, the merger will make South State Corp. the 102nd-largest insured depository organization in the United States. South State will have consolidated assets of approximately $14.5 billion and control total deposits of approximately $11.6 billion.
Under the terms of the agreement, shareholders of Park Sterling will receive 0.14 shares of South State common stock for each share of Park Sterling common stock.
System conversion is scheduled to occur in the first quarter of 2018.