Bank Watch

Park Sterling completes acquisition of First Capital Bancorp.

Park Sterling Corp. said Monday it has completed its acquisition of Virginia’s First Capital Bancorp, the latest acquisition by the Charlotte-based bank holding company.
Park Sterling Corp. said Monday it has completed its acquisition of Virginia’s First Capital Bancorp, the latest acquisition by the Charlotte-based bank holding company. mhames@charlotteobserver.com

The parent company of Charlotte-based Park Sterling Bank announced Monday that it has completed its acquisition of Virginia's First Capital Bancorp.

Park Sterling Corp. said the $87.1 million deal, first announced in October, means it now has approximately $3.1 billion in total assets. At the time of the announcement, Park Sterling reported approximately $2.4 billion in assets.

Park Sterling said the deal, completed Friday, also gives it $2.5 billion in total deposits, $2.2 billion in total loans and 57 locations in the Carolinas, Virginia and north Georgia.

The deal marks the latest acquisition by the largest community bank headquartered in Charlotte. Park Sterling, started in 2006 by former Regions Bank executive Bryan Kennedy, has grown its assets in part by buying up other banks across the South.

The acquisition of Glen Allen, Va.-based First Capital grows Park Sterling’s branches in the Richmond region to 10, up from two. Park Sterling has also said the deal will make the Richmond area its second-biggest market by deposits, after the Charlotte region.

Park Sterling enter Richmond in 2014 when it established a commercial banking team there.

Its shares closed Monday at $7.40, up more than 1 percent.

Deon Roberts: 704-358-5248, @DeonERoberts

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