Park Sterling Corporation Announces Redemption of SBLF Preferred Stock

Park Sterling Corporation Announces Redemption of SBLF Preferred Stock

CHARLOTTE, N.C., Oct. 1, 2013 (GLOBE NEWSWIRE) -- Park Sterling Corporation
(Nasdaq:PSTB), the holding company for Park Sterling Bank, today announced its
exit from the Small Business Lending Fund ("SBLF") program effective September
30, 2013 as a result of the redemption in full of the company's $20.5 million
of outstanding Series C Preferred Stock. The redemption was completed
utilizing internally available funds through a dividend from Park Sterling

The Series C Preferred Stock was issued to the U.S. Department of the Treasury
("Treasury") in October 2012 in connection with the company's acquisition of
Citizens South Banking Corporation ("Citizens South") and resulted from the
conversion of Citizens South's preferred stock previously issued to the
Treasury in connection with its participation in the SBLF program.

"We are pleased to announce Park Sterling's exit from the SBLF program," said
James C. Cherry, Chief Executive Officer. "This redemption simplifies our
capital structure, reduces our overall funding costs and is further evidence
of our strong financial position."

About Park Sterling Corporation

Park Sterling Corporation, the holding company for Park Sterling Bank, is
headquartered in Charlotte, North Carolina. Park Sterling, a regional
community-focused financial services company with approximately $2 billion in
assets, is the largest community bank in the Charlotte area and has 43 banking
offices stretching across the Carolinas and into North Georgia. The bank
serves professionals, individuals, and small and mid-sized businesses by
offering a full array of financial services, including deposit, mortgage
brokerage, cash management, consumer and business finance, and wealth
management services. Park Sterling prides itself on being large enough to help
customers achieve their financial aspirations, yet small enough to care that
they do. Park Sterling is focused on building a banking franchise that is
noted for sound risk management, strong community focus and exceptional
customer service. For more information, visit Park
Sterling Corporation shares are traded on NASDAQ under the symbol PSTB.

CONTACT: For additional information contact:
         David Gaines
         Chief Financial Officer
         (704) 716-2134
Press spacebar to pause and continue. Press esc to stop.