Community Capital Shareholders Approve Merger With Park Sterling
27 10월 2011 - 5:15AM
Community Capital Corporation ("Community Capital") (Nasdaq:CPBK)
announced today that the shareholders of Community Capital have
approved the proposed merger with Park Sterling Corporation ("Park
Sterling") (Nasdaq:PSTB). Park Sterling and Community Capital have
received the required regulatory approvals to complete the merger
and intend to close the merger of Community Capital with and into
Park Sterling on or about November 1, 2011.
Under the terms of the merger agreement, each outstanding share
of Community Capital's common stock will be converted into the
right to receive either (i) $3.30 in cash, (ii) 0.6667 of a share
of Park Sterling's common stock or (iii) a combination thereof, as
elected by Community Capital's shareholders. This election is
subject to the limitation that no more than 40% of the shares of
Community Capital common stock be exchanged for cash.
The merger agreement provides that CapitalBank, the bank
subsidiary of Community Capital, will be merged with Park Sterling
Bank, the bank subsidiary of Park Sterling. The bank merger is
expected to close in December 2011.
About Community Capital Corporation
Community Capital Corporation is the parent company of
CapitalBank, which operates 18 community oriented branches
throughout upstate South Carolina and offers a full array of
banking services, including a diverse wealth management group.
Additional information on CapitalBank's locations and the products
and services offered are available at www.capitalbanksc.com. The
Company's shares are traded on NASDAQ under the symbol CPBK.
Cautionary Statement Regarding Forward Looking Statements
This news release contains, and Community Capital and its
management may make, certain statements that constitute
"forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995. These statements can be
identified by the fact that they do not relate strictly to
historical or current facts and often use words such as "may,"
"plan," "contemplate," "anticipate," "believe," "intend,"
"continue," "expect," "project," "predict," "estimate," "could,"
"should," "would," "will," "goal," "target" and similar
expressions. Actual outcomes and results may differ materially from
those expressed in, or implied by, any of these forward-looking
statements. You should not place undue reliance on any
forward-looking statement and should consider all of the following
uncertainties and risks, as well as those more fully discussed in
any of Community Capital's filings with the SEC: failure to realize
synergies and other financial benefits from the proposed merger
within the expected time frame; increases in expected costs or
difficulties related to integration of the merger; inability to
successfully integrate Community Capital into Park Sterling,
including the ability to realize the benefits and cost savings from
and limit any unexpected liabilities acquired as a result of the
merger; the effects of negative economic conditions, including
stress in the commercial real estate markets or delay or failure of
recovery in the residential real estate markets; changes in
consumer and investor confidence and the related impact on
financial markets and institutions; changes in interest rates;
failure of assumptions underlying the establishment of our
allowance; deterioration in the credit quality of our loan
portfolios or in the value of the collateral securing those loans;
deterioration in the value of securities held in our investment
securities portfolio; legal and regulatory developments; increased
competition from both banks and nonbanks; changes in accounting
standards, rules and interpretations, inaccurate estimates or
assumptions in accounting and the impact on Community Capital's
financial statements; Community Capital's ability to attract new
employees; and management's ability to effectively manage credit
risk, market risk, operational risk, legal risk, and regulatory and
compliance risk. Forward-looking statements speak only as of
the date they are made, and Community Capital undertakes no
obligation to update any forward-looking statement to reflect the
impact of circumstances or events that arise after the date the
forward-looking statement was made.
CONTACT: For Further Information:
R. Wesley Brewer, Executive Vice President/CFO
864-941-8290 or email: wbrewer@capitalbanksc.com
Lee Lee M. Lee, Controller/VP of Investor Relations
864-941-8242 or email: llee@capitalbanksc.com
www.comcapcorp.com
Community Capital (NASDAQ:CPBK)
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