South State Bank cuts deal to absorb Park Sterling Bank

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Columbia-based South State Bank is absorbing Charlotte-based Park Sterling Bank, the two companies announced.

The transaction, valued at more than $690 million, is expected to close in the fourth quarter, according to a news release.

The combined company will have about $14.5 billion in assets and operate throughout the Carolinas, Virginia, and Georgia, the banks said.

Currently, Park Sterling operates 22 branches in South Carolina, while South State has 88 branches in the Palmetto State.

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