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Charlotte, N.C.-based Park Sterling Corp. ($2.44 billion), parent company of Park Sterling Bank, agreed to acquire Glen Allen, Va.-based First Capital Bancorp Inc. ($616.9 million) in a cash-and-stock deal valued at approximately $82.5 million, based on Park Sterling's closing share price of $6.80 on Sept 30.
Upon deal completion, the combined company will have approximately $3.1 billion in total assets, $2.2 billion in total loans, $2.4 billion in total deposits and a network of 60 offices in the Carolinas, Virginia and north Georgia. At closing, First Capital Bank is expected to merge into Park Sterling Bank, according to an Oct. 1 news release.
Under the terms of the merger agreement, First Capital common shareholders will...