Charlotte-based Park Sterling Bank announced Tuesday plans to consolidate back-office functions in the Gastonia area, a move expected to shift the roles into the Charlotte region.
Park Sterling said it will centralize its deposit, retail, bankcard, electronic banking and trust and loan operations at a yet-to-be-named location. The bank said it already houses many back-office functions in Gastonia, thanks to its 2012 purchase of Gastonia-based Citizens South Banking Corp.
Park Sterling CEO Jim Cherry, in an Observer interview, said the announcement will not result in job losses in the Charlotte region. The roles that will be relocated are based in South Carolina, outside the Charlotte metro area, he said.
“There are no jobs in North Carolina that are impacted by this,” Cherry said.
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Park Sterling will add approximately 15 jobs in Gastonia through the move, Cherry said. Roughly the same number of people will potentially lose jobs, although those employees might also find other roles within the company, he said.
Cherry said Park Sterling picked Gastonia for the consolidation in order to preserve the most jobs possible. He also described Gastonia as a fertile job market from which Park Sterling will be able to recruit in the future.
Park Sterling noted it will benefit from consolidating operations after years of growth, fueled in part by mergers following its launch in 2006.
Since then, Park Sterling said it has expanded from $488 million in assets and 47 employees to $3.2 billion in assets and 529 employees. In January, the bank completed its most recent deal, the acquisition of Virginia’s First Capital Bancorp.
Park Sterling said its goal is for the new site to be ready for occupancy within the next 12 months and to complete the consolidation of the operations in that same time frame.