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Park Sterling (PSTB) has announced a merger agreement with  South State Corporation (SSB).

Under the terms of the agreement, shareholders of Park Sterling Corporation will receive 0.14 shares of South State common stock for each share of Park Sterling common stock. The aggregate consideration is valued at approximately $690.8 million in the aggregate.

Park Sterling initiated a dividend in 2013. The dividend was raised in both 2015 and 2016.

Park Sterling Corporation provides banking services. The Bank offers checking, certificate of deposits, debit and credit cards, mortgage, loans, savings account, treasury, wealth management, and online and mobile banking services. Park Sterling serves customers in the United States. Headquartered in Charlotte, North Carolina, Park Sterling Corporation is the holding company for Park Sterling Bank, which has over 50 branches across NC, SC, VA and GA.