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.
Park Sterling operates primarily in the Charlotte and Wilmington areas as of its IPO. However, they announced an expansion plan to develop more branches in North and South Carolina as well as Virginia.
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.
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. However, the company's total assets under management grew by $1.2M from $473.9M in 2008 to $475.1M IN 2009.