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Park Sterling Bank (PSTB) |
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This company completed an initial public offering (IPO) of its stock in 2010. View articles that reference this company. Recent IPOs: Globe Specialty Metals • LogMeIn • Invesco Mortgage Capital • Medidata • Chemspec |
Park Sterling Bank (NASDAQ:PSTB) is a North Carolina based commercial bank. They offer traditional deposit and savings and loans focused primarily to mid-sized businesses, real estate development, construction firms, and relatively high net worth individuals.[1]
Park Sterling operates primarily in the Charlotte and Wilmington areas as of its IPO.[2] However, they announced an expansion plan to develop more branches in North and South Carolina as well as Virginia.[3]
The company's initial public offering of stock filed on the NASDAQ and went public on 12 August 2010. It priced at $6.50, which was well below the initial price range of $9-$11. The company raised $150M by offering 23.1M shares. The lead underwriter of the deal was Keefe Bruyette Woods.[4]
Park Sterling announced a 2009 net income of $577K compared to a $1,546K net income for 2010. The 62.7% drop was largely due to $1.5M deferred tax allowance that was released in 2008.[5] However, the company's total assets under management grew by $1.2M from $473.9M in 2008 to $475.1M IN 2009.[6]
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