Later this year, Rock Hill’s Provident Community Bank is set to merge with Charlotte-based Park Sterling.
The deal, which was unanimously approved by both banks’ boards of directors, calls for Provident branches to assume the Park Sterling name, growing the Park Sterling footprint to about 70 branches across the Carolinas, Georgia and Virginia.
“We’ll be a part of a larger organization that offers the newest technology,” Provident Chief Operating Officer Lud Vaughn said. “We were looking at those here at Provident but due to scale and inefficiencies, those type things we were having to look in the future.”
Those technical innovations — already commonplace at many other financial institutions — will now be coming faster to Provident customers, Vaughn said.
Provident’s approximately $929 million in deposits will transfer to Park Sterling sometime in the second quarter of 2014, according to documents released by Provident officials Wednesday. The deal calls for $6.5 million to change hands upon execution.
Vaughn said the merger will remain transparent for most customers, citing the little overlap between most front-line operations at Provident and Park Sterling. The future of Provident’s upper management, however, remains unclear.
Those employees not needed following the merger will be given the opportunity to reapply with Park Sterling, Vaughn said.