Enterprising Investor
9 years ago
Park Sterling Corporation Completes Merger With First Capital Bancorp, Inc. (1/04/16)
CHARLOTTE, NC--(Marketwired - January 04, 2016) - Park Sterling Corporation (NASDAQ: PSTB) ("Park Sterling"), the holding company for Park Sterling Bank, announced today that its acquisition of First Capital Bancorp, Inc. (NASDAQ: FCVA) ("First Capital"), the holding company for First Capital Bank, was completed at 12:01 a.m. on January 1, 2016. Also on January 1, 2016, First Capital Bank was merged with and into Park Sterling Bank. The acquired branches will operate as a division of Park Sterling Bank until the conversion of core operations, which is expected to occur by the third quarter of 2016.
Based on September 30, 2015 financial information and preliminary estimated purchase accounting adjustments, the combined company has approximately $3.1 billion in total assets, $2.5 billion in total deposits and $2.2 billion in total loans, and a network of 57 offices in the Carolinas, Virginia and North Georgia, including 10 offices in the now combined Richmond market.
Total consideration for the acquisition is approximately $87.1 million based upon the $7.32 per share closing price of Park Sterling common stock on December 31, 2015, the trading day prior to completion of the merger. Under the terms of the merger agreement, First Capital shareholders could elect to receive either $5.54 in cash, 0.7748 Park Sterling shares or a combination thereof for each share of First Capital common stock, subject to the limitation that the total consideration for shareholders will consist of 30.0% in cash and 70.0% in Park Sterling shares. First Capital warrant holders could elect to receive either $1.77 in cash, 0.24755 Park Sterling shares or a combination thereof for each First Capital warrant, subject to the limitation that the total consideration for warrant holders will consist of 30.0% in cash and 70.0% in Park Sterling shares. Those First Capital shares and warrants exchanged for stock will convert to Park Sterling shares in a tax-free exchange. Cash will also be paid in lieu of fractional shares. Park Sterling expects to issue approximately 8,376,472 shares as consideration in the merger. Final proration results will be announced once available.
James C. Cherry, Chief Executive Officer of Park Sterling, commented, "We are excited to complete our merger with First Capital and appreciate the strong effort from both teams in reaching this important milestone. We look forward to leveraging the combined company's larger balance sheet, distinctive product capabilities, strong branch network, empowered in-market bankers and exceptional service culture to provide financial solutions that address each customer's unique financial needs. We also remain confident that this attractive partnership will drive immediate efficiencies and provide accelerated revenue growth opportunities for our shareholders."
About Park Sterling Corporation
Park Sterling Corporation, the holding company for Park Sterling Bank, is headquartered in Charlotte, North Carolina. Park Sterling, a regional community-focused financial services company with approximately $3.1 billion in assets, is the largest community bank headquartered in the Charlotte area and has 57 banking offices in the Carolinas, Virginia and North Georgia. The bank serves professionals, individuals, and small and mid-sized businesses by offering a full array of financial services, including deposit, mortgage banking, cash management, consumer and business finance, capital markets and wealth management services with a commitment to "Answers You Can Bank On®." Park Sterling prides itself on being large enough to help customers achieve their financial aspirations, yet small enough to care that they do. Park Sterling is focused on building a banking franchise that is noted for sound risk management, strong community focus and exceptional customer service. For more information, visit www.parksterlingbank.com. Park Sterling Corporation shares are traded on NASDAQ under the symbol PSTB.
http://www.marketwired.com/press-release/park-sterling-corporation-completes-merger-with-first-capital-bancorp-inc-nasdaq-pstb-2085172.htm
Enterprising Investor
9 years ago
First Capital Bancorp, Inc., Announces Leadership Change (11/04/15)
GLEN ALLEN, Va., Nov. 4, 2015 (GLOBE NEWSWIRE) -- First Capital Bancorp, Inc. (NASDAQ:FCVA) ("First Capital"), the holding company for First Capital Bank, today announced that John M. Presley, Managing Director and Chief Executive Officer of First Capital, has decided to resign as Chief Executive Officer of First Capital, effective November 13, 2015, in order to become Chief Executive Officer of Lumber Liquidators Holdings, Inc. The First Capital Board of Directors has appointed Robert G. Watts, Jr., currently the President and Chief Executive Officer of First Capital Bank, as Acting Chief Executive Officer of First Capital.
As previously announced on October 1, 2015, First Capital entered into a merger agreement with Park Sterling Corporation (NASDAQ: PSTB) ("Park Sterling") under which Park Sterling will acquire First Capital. Mr. Watts will serve as Acting Chief Executive Officer of First Capital through the completion of the merger, which is expected to occur in the first quarter of 2016. Mr. Presley will continue as a member of the First Capital Board and will serve in a consulting role through the close of the transaction to ensure a smooth and successful transition.
Grant Grayson, Chairman of the First Capital Board, said, "On behalf of the entire First Capital Board, I want to thank John for his dedication to the Company. Since joining in 2008, John has led the successful recapitalization and repositioning of First Capital, enhancing performance and growing our asset and deposit base, which has enabled us to enter into this exciting new chapter of growth. We greatly appreciate his contributions and wish him well in his new role. We are fortunate to have someone with Bob's proven experience and leadership abilities to guide First Capital on a day-to-day basis as we work toward successfully completing our merger with Park Sterling. We believe our combination with Park Sterling will create a stronger community bank to better serve our customers, with an enhanced balance sheet and a broader array of products and services."
"My years at First Capital were extremely rewarding and I want to thank our employees, the leadership team and the Board for their partnership and collaboration," said Mr. Presley. "Together, we built an exceptional local bank that will continue to serve the Richmond community as part of Park Sterling. While it's time for me to move on to a new opportunity, I look forward to remaining a member of the Board through the closing of the transaction with Park Sterling and am proud of all the accomplishments First Capital has achieved. I am confident in the Company's continued success under the leadership of Bob Watts and the entire Park Sterling team."
Mr. Watts added, "I am delighted to serve in this expanded role as we work to complete the merger with Park Sterling. I look forward to partnering closely with the Board and our dedicated employees in order to realize the benefits of the combination for all of our stakeholders."
About First Capital Bancorp, Inc.
First Capital Bancorp, Inc. is a bank holding company headquartered in Glen Allen, Virginia. First Capital is a community oriented financial institution that offers a full range of banking and related financial services to small and medium-sized businesses, professionals and individuals located in its market area. First Capital operates eight branches in Innsbrook, Chesterfield Towne Center, near Willow Lawn on Staples Mill Road, in Ashland, at Three Chopt and Patterson in Henrico County, at the James Center in downtown Richmond, and in Chesterfield County, in Bon Air and inside the Village at Swift Creek Kroger store.
http://globenewswire.com/news-release/2015/11/04/783360/10155055/en/First-Capital-Bancorp-Inc-Announces-Leadership-Change.html
Enterprising Investor
9 years ago
First Capital Bancorp, Inc., Reports Net Income Available to Common Shareholders of $1.3 Million for the Third Quarter of 2015, 11.1% Increase Over the Third Quarter of 2014, Net Income of $0.09 Per Diluted Share Outstanding (10/29/15)
GLEN ALLEN, Va., Oct. 29, 2015 (GLOBE NEWSWIRE) -- First Capital Bancorp, Inc., (the "Company") (NASDAQ:FCVA) parent company to First Capital Bank (the "Bank"), reported today its financial results for the third quarter of 2015. For the three months ended September 30, 2015, the Company had net income available to common shareholders of $1.3 million or $0.09 per diluted share, compared to net income available to common shareholders of $1.2 million, or $0.08 per diluted share, for the same period in 2014. This represents an increase of $128 thousand or 11.1% in net income available to common shareholders for the third quarter of 2015 compared to the third quarter of 2014.
For the nine months ended September 30, 2015, the Company had net income available to common shareholders of $3.5 million or $0.24 per diluted share, compared to net income available to common shareholders of $3.1 million, or $0.21 per diluted share, for the same period in 2014. Year to date, this represents an increase of $395 thousand or 12.7% in net income available to common shareholders for 2015 compared to 2014.
On October 1, 2015, the Company and Park Sterling Corporation ("Park Sterling") announced the signing of a definitive merger agreement pursuant to which the Company will merge with and into Park Sterling. Under the terms of the merger agreement, Park Sterling will acquire the Company, with the holders of the Company's common stock having the right to receive either $5.54 in cash or 0.7748 shares of Park Sterling common stock for each share of Company common stock (subject to certain limitations on the allocations of cash and Park Sterling shares). The transaction is subject to certain regulatory approvals and the approval of the Company's shareholders with the closing expected to occur in the first quarter of 2016.
Factors contributing to the Company's results during the third quarter and year to date in 2015 are as follows:
โข Continued loan growth resulted in an increase in net interest income of $374 thousand (or 7.6%) to $5.3 million for the third quarter of 2015 compared to $4.9 million in the third quarter of 2014. Year to date in 2015, net interest income increased $1.2 million (or 8.5%) to $15.5 million compared to $14.3 million for the same period in 2014.
โข Net interest margin increased nine basis points to 3.64% for the quarter ended September 30, 2015, compared to 3.55% for the quarter ended September 30, 2014. For the nine months ended September 30, 2015, net interest margin increased two basis points to 3.63% compared to 3.61% for the same period in 2014.
โข There was no provision for loan losses during the third quarter of 2015, compared to a recovery of the provision for loan losses of $60 thousand during the third quarter of 2014. Year to date in 2015, there was a recovery of the provision for loan losses of $145 thousand compared to a recovery of the provision for loan losses of $352 thousand for the same period in 2014.
โข Noninterest expense increased $229 thousand (6.1%) to $4.0 million for the third quarter of 2015 compared to the third quarter of 2014. Year to date in 2015, noninterest expense increased $401 thousand (or 3.5%) to $11.8 million compared to $11.4 million for the same period of 2014.
Growth
At September 30, 2015, total assets were $623.3 million, compared to $598.5 million at December 31, 2014, an increase of $24.7 million or 4.1%. This growth is primarily attributable to loan growth and increases in cash and cash equivalents. As of September 30, 2015, loan growth, net of the allowance, was $13.6 million (or 2.9%), or 3.9% on an annualized basis. We continued to see increased loan demand in our market resulting from increased visibility of the Bank's commitment in the local marketplace and the continued improvement in our market area's economic stability. As of September 30, 2015, cash and cash equivalents were $19.5 million, an increase of $8.4 million (or 75.5%), compared to $11.1 million at December 31, 2014. This increase is primarily related to growth in customer deposits.
Total deposits at September 30, 2015, were $520.5 million, an increase of $41.0 million, or 8.6%, from $479.5 million at December 31, 2014. Noninterest-bearing deposits were $97.9 million at September 30, 2015, compared to $70.8 million at December 31, 2014, an increase of $27.2 million or 38.4%.
In a joint statement, First Capital Bancorp, Inc., Managing Director and CEO, John Presley, and First Capital Bank President and CEO, Bob Watts, stated, "Results through the third quarter of 2015 have continued to highlight the momentum the Company has in this community. Our bankers look forward to partnering with Park Sterling with their larger balance sheet and capital base, as well as their diverse products to better serve our customers."
Asset Quality
The allowance for loan losses was $7.9 million or 1.59% of total loans at September 30, 2015, compared to $7.9 million or 1.63% of total loans at December 31, 2014.
[tables deleted]
Capital
The Bank's Total Risk Based Capital at September 30, 2015, was 12.82%, compared to 12.90% at December 31, 2014. The Bank's Tier 1 Risk Based Capital at September 30, 2015, was 11.56%, compared to 11.64% at December 31, 2014. The Bank's Common Equity Tier 1 Capital at September 30, 2015, was 11.56%. The declines in the Bank's Total and Tier 1 capital ratios compared to December 31, 2014, are due primarily to asset growth during 2015 and the implementation of Basel III framework for calculating capital ratios. Additionally, the Company's tangible common equity increased to 8.56% at September 30, 2015 from 8.30% at December 31, 2014.
Noninterest Income
Noninterest income, including gains on sales of securities, totaled $524 thousand for the quarter ended September 30, 2015, an increase of $93 thousand or 21.6% from $431 thousand earned in the quarter ended September 30, 2014. The primary driver of this growth was an increase in loan prepayment penalties during the quarter ended September 30, 2015, compared to the quarter ended September 30, 2014. Year to date in 2015, noninterest income decreased $53 thousand (or 3.8%) to $1.3 million compared to $1.4 million for the same period in 2014, due primarily to a decline in securities gains of $232 thousand coupled with an increase in loan prepayment penalties of $154 thousand.
Noninterest Expense
Noninterest expense increased $229 thousand (6.2%) during the third quarter of 2015 to $4.0 million compared to $3.7 million for the same period of 2014. Year to date in 2015, total noninterest expense was $11.8 million compared to $11.4 million for the same period of 2014. The $401 thousand (or 3.5%) increase compared to the prior year was driven primarily by fair value adjustments to OREO during the first quarter of 2015 and increased depreciation expense.
The Bank currently operates eight branches in Innsbrook, Chesterfield Towne Center, near Willow Lawn on Staples Mill Road, in Ashland, at Three Chopt and Patterson in Henrico County, at the James Center in downtown, Richmond, and in Bon Air, Chesterfield County and inside the Village at Swift Creek Kroger store.
http://globenewswire.com/news-release/2015/10/29/781333/10154433/en/First-Capital-Bancorp-Inc-Reports-Net-Income-Available-to-Common-Shareholders-of-1-3-Million-for-the-Third-Quarter-of-2015-11-1-Increase-Over-the-Third-Quarter-of-2014-Net-Income-o.html
stocktrademan
9 years ago
$FCVA recent news/filings
bullish
## source: finance.yahoo.com
Thu, 01 Oct 2015 11:09:48 GMT ~ FIRST CAPITAL BANCORP, INC. Files SEC form 8-K, Entry into a Material Definitive Agreement, Regulation FD Disclosure,
read full: http://biz.yahoo.com/e/151001/fcva8-k.html
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Thu, 01 Oct 2015 11:01:00 GMT ~ 7:01 am First Capital Bancorp and Park Sterling (PSTB) to merge in at $82.5 mln deal; FCVA to receive either $5.54 in cash or 0.7748 PSTB shares
read full: http://finance.yahoo.com/news/inplay-briefing-com-055139997.html#fcva
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Thu, 01 Oct 2015 11:00:00 GMT ~ Park Sterling Corporation and First Capital Bancorp, Inc. to Merge
[Marketwired] - Park Sterling Corporation , the holding company for Park Sterling Bank, and First Capital Bancorp, Inc. , the holding company for First Capital Bank, announced today the signing of a...
read full: http://finance.yahoo.com/news/park-sterling-corporation-first-capital-110000390.html
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Thu, 01 Oct 2015 11:00:00 GMT ~ Park Sterling Corporation and First Capital Bancorp, Inc. to Merge
[GlobeNewswire] - CHARLOTTE, N.C. and GLEN ALLEN, Va. -- Park Sterling Corporation (NASDAQ:PSTB) ("Park Sterling"), the holding company for Park Sterling Bank, and First Capital Bancorp, Inc. (NASDAQ:FCVA) ("First ...
read full: http://finance.yahoo.com/news/park-sterling-corporation-first-capital-110000517.html
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Mon, 14 Sep 2015 14:02:07 GMT ~ First Capital Bancorp, Inc. (Virginia) breached its 50 day moving average in a Bearish Manner : September 14, 2015
read full: http://www.capitalcube.com/blog/index.php/first-capital-bancorp-inc-virginia-breached-its-50-day-moving-average-in-a-bearish-manner-september-14-2015/
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$FCVA charts
basic chart ## source: stockcharts.com
basic chart ## source: stockscores.com
big daily chart ## source: stockcharts.com
big weekly chart ## source: stockcharts.com
$FCVA company information
## source: otcmarkets.com
Link: http://www.otcmarkets.com/stock/FCVA/company-info
Ticker: $FCVA
OTC Market Place: Not Available
CIK code: 0001373525
Company name: First Capital Bancorp Inc.
Incorporated In: VA, USA
$FCVA share structure
## source: otcmarkets.com
Market Value: $61,752,304 a/o Sep 30, 2015
Shares Outstanding: 12,918,892 a/o Aug 11, 2015
Float: Not Available
Authorized Shares: Not Available
Par Value: 4
$FCVA extra dd links
Company name: First Capital Bancorp Inc.
## STOCK DETAILS ##
After Hours Quote (nasdaq.com): http://www.nasdaq.com/symbol/FCVA/after-hours
Option Chain (nasdaq.com): http://www.nasdaq.com/symbol/FCVA/option-chain
Historical Prices (yahoo.com): http://finance.yahoo.com/q/hp?s=FCVA+Historical+Prices
Company Profile (yahoo.com): http://finance.yahoo.com/q/pr?s=FCVA+Profile
Industry (yahoo.com): http://finance.yahoo.com/q/in?s=FCVA+Industry
## COMPANY NEWS ##
Market Stream (nasdaq.com): http://www.nasdaq.com/symbol/FCVA/stream
Latest news (otcmarkets.com): http://www.otcmarkets.com/stock/FCVA/news - http://finance.yahoo.com/q/h?s=FCVA+Headlines
## STOCK ANALYSIS ##
Analyst Research (nasdaq.com): http://www.nasdaq.com/symbol/FCVA/analyst-research
Guru Analysis (nasdaq.com): http://www.nasdaq.com/symbol/FCVA/guru-analysis
Stock Report (nasdaq.com): http://www.nasdaq.com/symbol/FCVA/stock-report
Competitors (nasdaq.com): http://www.nasdaq.com/symbol/FCVA/competitors
Stock Consultant (nasdaq.com): http://www.nasdaq.com/symbol/FCVA/stock-consultant
Stock Comparison (nasdaq.com): http://www.nasdaq.com/symbol/FCVA/stock-comparison
Investopedia (investopedia.com): http://www.investopedia.com/markets/stocks/FCVA/?wa=0
Research Reports (otcmarkets.com): http://www.otcmarkets.com/stock/FCVA/research
Basic Tech. Analysis (yahoo.com): http://finance.yahoo.com/q/ta?s=FCVA+Basic+Tech.+Analysis
Barchart (barchart.com): http://www.barchart.com/quotes/stocks/FCVA
DTCC (dtcc.com): http://search2.dtcc.com/?q=First+Capital+Bancorp+Inc.&x=10&y=8&sp_p=all&sp_f=ISO-8859-1
Spoke company information (spoke.com): http://www.spoke.com/search?utf8=%E2%9C%93&q=First+Capital+Bancorp+Inc.
Corporation WIKI (corporationwiki.com): http://www.corporationwiki.com/search/results?term=First+Capital+Bancorp+Inc.&x=0&y=0
## FUNDAMENTALS ##
Call Transcripts (nasdaq.com): http://www.nasdaq.com/symbol/FCVA/call-transcripts
Annual Report (companyspotlight.com): http://www.companyspotlight.com/library/companies/keyword/FCVA
Income Statement (nasdaq.com): http://www.nasdaq.com/symbol/FCVA/financials?query=income-statement
Revenue/EPS (nasdaq.com): http://www.nasdaq.com/symbol/FCVA/revenue-eps
SEC Filings (nasdaq.com): http://www.nasdaq.com/symbol/FCVA/sec-filings
Edgar filings (sec.gov): http://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001373525&owner=exclude&count=40
Latest filings (otcmarkets.com): http://www.otcmarkets.com/stock/FCVA/filings
Latest financials (otcmarkets.com): http://www.otcmarkets.com/stock/FCVA/financials
Short Interest (nasdaq.com): http://www.nasdaq.com/symbol/FCVA/short-interest
Dividend History (nasdaq.com): http://www.nasdaq.com/symbol/FCVA/dividend-history
RegSho (regsho.com): http://www.regsho.com/tools/symbol_stats.php?sym=FCVA&search=search
OTC Short Report (otcshortreport.com): http://otcshortreport.com/index.php?index=FCVA
Short Sales (otcmarkets.com): http://www.otcmarkets.com/stock/FCVA/short-sales
Key Statistics (yahoo.com): http://finance.yahoo.com/q/ks?s=FCVA+Key+Statistics
Insider Roster (yahoo.com): http://finance.yahoo.com/q/ir?s=FCVA+Insider+Roster
Income Statement (yahoo.com): http://finance.yahoo.com/q/is?s=FCVA
Balance Sheet (yahoo.com): http://finance.yahoo.com/q/bs?s=FCVA
Cash Flow (yahoo.com): http://finance.yahoo.com/q/cf?s=FCVA+Cash+Flow&annual
## HOLDINGS ##
Major holdings (cnbc.com): http://data.cnbc.com/quotes/FCVA/tab/8.1
Insider transactions (yahoo.com): http://finance.yahoo.com/q/it?s=FCVA+Insider+Transactions
Insider transactions (secform4.com): http://www.secform4.com/insider-trading/FCVA.htm
Insider transactions (insidercrow.com): http://www.insidercow.com/history/company.jsp?company=FCVA
Ownership Summary (nasdaq.com): http://www.nasdaq.com/symbol/FCVA/ownership-summary
Institutional Holdings (nasdaq.com): http://www.nasdaq.com/symbol/FCVA/institutional-holdings
Insiders (SEC Form 4) (nasdaq.com): http://www.nasdaq.com/symbol/FCVA/insider-trades
Insider Disclosure (otcmarkets.com): http://www.otcmarkets.com/stock/FCVA/insider-transactions
## SOCIAL MEDIA AND OTHER VARIOUS SOURCES ##
PST (pennystocktweets.com): http://www.pennystocktweets.com/stocks/profile/FCVA
Market Watch (marketwatch.com): http://www.marketwatch.com/investing/stock/FCVA
Bloomberg (bloomberg.com): http://www.bloomberg.com/quote/FCVA:US
Morningstar (morningstar.com): http://quotes.morningstar.com/stock/s?t=FCVA
Bussinessweek (businessweek.com): http://investing.businessweek.com/research/stocks/snapshot/snapshot_article.asp?ticker=FCVA
$FCVA DD Notes ~ http://www.ddnotesmaker.com/FCVA
Enterprising Investor
9 years ago
Park Sterling Corporation and First Capital Bancorp, Inc. to Merge (10/01/15)
CHARLOTTE, N.C. and GLEN ALLEN, Va., Oct. 1, 2015 (GLOBE NEWSWIRE) -- Park Sterling Corporation (NASDAQ:PSTB) ("Park Sterling"), the holding company for Park Sterling Bank, and First Capital Bancorp, Inc. (NASDAQ:FCVA) ("First Capital"), the holding company for First Capital Bank, announced today the signing of a definitive merger agreement under which Park Sterling will acquire First Capital for a total transaction value of approximately $82.5 million, based on Park Sterling's closing share price of $6.80 on September 30, 2015.
Upon completion of the transaction, the combined company will have approximately $3.1 billion in total assets, $2.2 billion in total loans, $2.4 billion in total deposits and a network of 60 offices in the Carolinas, Virginia and North Georgia. The merger will strengthen Park Sterling's position in the important Richmond, VA MSA, which will become the company's second largest deposit market after the Charlotte-Concord-Gastonia, NC-SC MSA, by expanding the distribution network from two to ten branches, adding an experienced lending team and gaining senior market management and credit risk leadership.
The merger agreement has been approved by the board of directors of each company. Closing of the transaction, which is expected to occur in the first quarter of 2016, is subject to customary conditions, including approval by First Capital's shareholders and receipt of regulatory approval. At closing, First Capital will merge with and into Park Sterling and, as soon as practicable following the closing, it is anticipated that First Capital Bank will merge with and into Park Sterling Bank.
"Our proposed merger with First Capital is a meaningful addition to our already strong regional community bank franchise in Virginia, the Carolinas and North Georgia. The partnership helps us achieve our strategic goal of building out our Richmond presence by significantly enhancing our local branch network and adding talented bankers and leadership to our exceptional local team. It also increases our operating scale to drive immediate efficiencies and provides accelerated revenue growth opportunities to further strengthen financial returns to shareholders," said James C. Cherry, Chief Executive Officer of Park Sterling. "We are pleased to partner with John Presley, Bob Watts and their team at First Capital, whom we have known and respected for many years. We are thrilled to further expand our presence in Virginia, which so many of our executives and directors call 'home', and are excited to be a part of building an exceptional banking partnership for the Richmond community."
John M. Presley, Managing Director and Chief Executive Officer of First Capital, who will transition from executive management to a consulting role with the company at closing, commented, "We are excited to enter into this partnership with Park Sterling. We believe the combined company's exceptional employees, strong balance sheet and broad array of products and services will better serve our local customers and enhance shareholder value. The combined company will be a dominant player in the Richmond market."
Under the terms of the merger agreement, First Capital common shareholders will have the right to receive either $5.54 in cash or 0.7748 Park Sterling shares for each First Capital share they hold, subject to the limitation that the total consideration for shareholders will consist of 30.0% in cash and 70.0% in Park Sterling shares. First Capital warrant holders will have the right to receive either $1.77 in cash or 0.24755 Park Sterling shares for each First Capital warrant they hold, subject to the limitation that the total consideration for warrant holders will consist of 30.0% in cash and 70.0% in Park Sterling shares. Those First Capital shares and warrants exchanged for stock will convert to Park Sterling shares in what is intended to be a tax-free exchange. Cash will also be paid in lieu of fractional shares. The transaction value at the time of the proposed merger may change due to potential fluctuations in the price of Park Sterling stock. Park Sterling's board of directors will also appoint two independent, Richmond-based First Capital directors to join the Park Sterling board, to include Grant Grayson, Partner in the law firm of LeClairRyan, A Professional Corporation, and current chairman of First Capital.
Keefe, Bruyette & Woods, Inc. served as financial advisor to Park Sterling, and Banks Street Partners, LLC served as financial advisor to First Capital. McGuireWoods LLP served as outside legal counsel to Park Sterling, while LeClairRyan, A Professional Corporation, served as outside legal counsel to First Capital.
Webcast
Park Sterling Corporation will host a conference call this morning at 8:30 a.m., EDT (October 1, 2015). The conference call can be accessed by dialing (888) 317-6003 and entering the elite entry number 2516704. Participants will need this elite entry number in order to join the conference. Listeners should dial in 10 minutes prior to the start of the call. The presentation slides will be available on www.parksterlingbank.com under Investor Relations, "Investor Presentations." A replay of the call will also be available approximately one hour after the end of the call through 9:00 a.m., EDT on or around November 1, 2015. To access the replay dial (877) 344-7529, conference code 10073448.
Additional Information About the Merger and Where to Find It
Park Sterling will file with the Securities and Exchange Commission a Registration Statement on Form S-4 that will include a proxy statement of First Capital that also constitutes a prospectus of Park Sterling, as well as other relevant documents concerning the proposed merger. INVESTORS ARE STRONGLY URGED TO READ THE REGISTRATION STATEMENT AND THE PROXY STATEMENT/PROSPECTUS REGARDING THE PROPOSED MERGER WHEN THEY BECOME AVAILABLE AND OTHER RELEVANT DOCUMENTS FILED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THOSE DOCUMENTS, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION REGARDING THE PROPOSED MERGER. A free copy of the proxy statement/prospectus, as well as other filings containing information about Park Sterling and First Capital, may be obtained after their filing at the SEC's Internet site (http://www.sec.gov). In addition, free copies of documents filed with the SEC may be obtained on the respective websites of Park Sterling and First Capital at www.parksterlingbank.com and www.1capitalbank.com.
Participants in Solicitation
Park Sterling and First Capital and their respective directors and executive officers may be deemed to be participants in the solicitation of proxies in connection with the proposed merger. Information about the directors and executive officers of Park Sterling and First Capital and other persons who may be deemed participants in this solicitation will be included in the proxy statement/prospectus. Information about Park Sterling's executive officers and directors can be found in Park Sterling's definitive proxy statement in connection with its 2015 Annual Meeting of Shareholders filed with the SEC on April 13, 2015. Information about First Capital's executive officers and directors can be found in First Capital's definitive proxy statement in connection with its 2015 Annual Meeting of Shareholders filed with the SEC on April 15, 2015. Free copies of these documents can be obtained from the sources indicated above.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any offer, solicitation or sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.
About Park Sterling Corporation
Park Sterling Corporation, the holding company for Park Sterling Bank, is headquartered in Charlotte, North Carolina. Park Sterling, a regional community-focused financial services company with approximately $2.4 billion in assets, is the largest community bank headquartered in the Charlotte area and has 52 banking offices stretching across the Carolinas and into North Georgia, as well as in Richmond, Virginia. The bank serves professionals, individuals, and small and mid-sized businesses by offering a full array of financial services, including deposit, mortgage banking, cash management, consumer and business finance, capital markets and wealth management services with a commitment to "Answers You Can Bank OnSM." Park Sterling prides itself on being large enough to help customers achieve their financial aspirations, yet small enough to care that they do. Park Sterling is focused on building a banking franchise that is noted for sound risk management, strong community focus and exceptional customer service. For more information, visit www.parksterlingbank.com. Park Sterling Corporation shares are traded on NASDAQ under the symbol PSTB.
About First Capital Bancorp, Inc.
First Capital Bancorp, Inc. is a bank holding company headquartered in Glen Allen, Virginia. First Capital is a community oriented financial institution that offers a full range of banking and related financial services to small and medium-sized businesses, professionals and individuals located in its market area. First Capital operates eight branches in Innsbrook, Chesterfield Towne Center, near Willow Lawn on Staples Mill Road, in Ashland, at Three Chopt and Patterson in Henrico County, at the James Center in downtown Richmond, and in Chesterfield County, in Bon Air and inside the Village at Swift Creek Kroger store.
http://www.nasdaq.com/press-release/park-sterling-corporation-and-first-capital-bancorp-inc-to-merge-20151001-00238
Enterprising Investor
10 years ago
First Capital Bancorp, Inc. Announces the Approval of an Annual Corporate Dividend Policy, the Intent to Pay a Dividend During the Second Quarter of 2015, and the Approval of a Stock Repurchase Plan (12/22/14)
GLEN ALLEN, Va., Dec. 22, 2014 (GLOBE NEWSWIRE) -- First Capital Bancorp, Inc. (Nasdaq:FCVA) ("the Company") announced today that its Board of Directors has approved an annual cash dividend policy, with the first dividend expected to be paid in the second quarter of 2015. The Board anticipates the initial annual dividend will be $.04 per share. Future amounts and payment dates of the annual cash dividend will be subject to the approval of the Board of Directors.
John Presley, First Capital Bancorp, Inc. Chief Executive Officer, commented, "The Board's decision to initiate an annual dividend reflects our confidence in the earnings growth we are experiencing from our core business of Community Banking. We also expect these earnings to support the growth we have enjoyed and expect to continue."
The Board of Directors also authorized a share repurchase program to purchase up to 300,000 shares of its outstanding common stock. The Company intends and expects to accomplish the repurchases through open market transactions, though it could affect the repurchases through other means such as privately negotiated transactions or under a SEC 10b5-1 trading plan, which would allow repurchases under pre-set terms at times when the Company might otherwise be prevented from doing so under applicable securities laws or self-imposed blackout. The authorization permits management to repurchase the Company's shares from time to time at management's discretion, depending on market conditions and other factors. The repurchase program is authorized through December 31, 2015.
About the Company:
The Bank currently operates eight branches in Innsbrook, Chesterfield Towne Center, near Willow Lawn on Staples Mill Road, in Ashland, at Three Chopt and Patterson in Henrico County, at the James Center in downtown, Richmond, in Bon Air, Chesterfield County, and inside the Kroger Store in the Swift Creek shopping center located at 13201 Rittenhouse Drive, in Midlothian.
http://globenewswire.com/news-release/2014/12/22/693567/10113317/en/First-Capital-Bancorp-Inc-Announces-the-Approval-of-an-Annual-Corporate-Dividend-Policy-the-Intent-to-Pay-a-Dividend-During-the-Second-Quarter-of-2015-and-the-Approval-of-a-Stock-R.html
Penny Roger$
13 years ago
~ $FCVA ~Multi chart fix and On the house shots of DD!! Version 3.2.3
~ Barchart: http://barchart.com/quotes/stocks/FCVA?
~ OTC Markets: http://www.otcmarkets.com/stock/FCVA/company-info
~ Google Finance: http://www.google.com/finance?q=FCVA
~ Google Fin Options: hhttp://www.google.com/finance/option_chain?q=FCVA#
~ Yahoo! Finance ~ Stats: http://finance.yahoo.com/q/ks?s=FCVA+Key+Statistics
~ Yahoo! Finance ~ Profile: http://finance.yahoo.com/q/pr?s=FCVA
Finviz: http://finviz.com/quote.ashx?t=FCVA
~ BusyStock: http://busystock.com/i.php?s=FCVA&v=2
~ CandlestickChart: http://www.candlestickchart.com/cgi/chart.cgi?symbol=FCVA&exchange=US
~ Investorshub Trades: http://ih.advfn.com/p.php?pid=trades&symbol=FCVA
~ Investorshub Board Search: http://investorshub.advfn.com/boards/getboards.aspx?searchstr=FCVA
~ Investorshub PostStream Search: http://investorshub.advfn.com/boards/poststream.aspx?ticker=FCVA
~ Investorshub Goodies Search: http://investorshub.advfn.com/boards/msgsearchbyboard.aspx?boardID=23525&srchyr=2011&SearchStr=FCVA
~ Investorshub Message Search: http://investorshub.advfn.com/boards/msgsearch.aspx?SearchStr=FCVA
~ MarketWatch: http://www.marketwatch.com/investing/stock/FCVA/profile
~ E-Zone Chart: http://www.windchart.com/ezone/signals/?symbol=FCVA
~ 5-Min Wind: http://www.windchart.com/stockta/analysis?symbol=FCVA
~ 10-Min Wind: http://www.windchart.com/stockta/analysis?symbol=FCVA&size=l&frequency=10&color=g
~ 30-Min Wind: http://www.windchart.com/stockta/analysis?symbol=FCVA&size=l&frequency=30&color=g
~ 60-Min Wind: http://www.windchart.com/stockta/analysis?symbol=FCVA&size=l&frequency=60&color=g
DTCC (PENSON/TDA) Check - (otc and pinks) - Note ~ I did not check for this chart blast. However, I try and help you to do so with the following links.
IHUB DTCC BOARD SEARCH #1 http://investorshub.advfn.com/boards/msgsearchbyboard.aspx?boardID=18682&srchyr=2011&SearchStr=FCVA
IHUB DTCC BOARD SEARCH #2: http://investorshub.advfn.com/boards/msgsearchbyboard.aspx?boardID=14482&srchyr=2011&SearchStr=FCVA
Check those searches for recent FCVA mentions. If FCVA is showing up on older posts and not on new posts found in link below, The DTCC issues may have been addressed and fixed. Always call the broker if your security turns up on any DTCC/PENSON list.
http://investorshub.advfn.com/boards/msgsearchbyboard.aspx?boardID=18682&srchyr=2011&SearchStr=Complete+list
For a cFCVAnt list see the pinned threads at the top here ---> http://tinyurl.com/TWO-OLD-FARTS
Volume, MACD, ADX 3 EMA Par sar - http://bigcharts.marketwatch.com/advchart/frames/frames.asp?show=True&insttype=Stock&symb=FCVA&time=8&startdate=1%2F4%2F1999&enddate=11%2F21%2F2011&freq=2&compidx=aaaaa%3A0&comptemptext=&comp=none&ma=6&maval=9&uf=16&lf=1&lf2=4&lf3=1024&type=4&style=380&size=2&timeFrameToggle=false&compareToToggle=false&indicatorsToggle=false&chartStyleToggle=false&state=11&x=25&y=5
RSI, Money Flow, Volume Accumulation, 3sma, Bollinger bands - http://bigcharts.marketwatch.com/advchart/frames/frames.asp?show=True&insttype=Stock&symb=FCVA&time=8&startdate=1%2F4%2F1999&enddate=11%2F21%2F2011&freq=2&compidx=aaaaa%3A0&comptemptext=&comp=none&ma=4&maval=9&uf=8&lf=2&lf2=512&lf3=4096&type=4&style=380&size=2&timeFrameToggle=false&compareToToggle=false&indicatorsToggle=false&chartStyleToggle=false&state=11&x=36&y=14
Price Channel, Momentum, Volatility Slow, P/E Ratio - http://bigcharts.marketwatch.com/advchart/frames/frames.asp?show=True&insttype=Stock&symb=FCVA&time=8&startdate=1%2F4%2F1999&enddate=11%2F21%2F2011&freq=2&compidx=aaaaa%3A0&comptemptext=&comp=none&ma=6&maval=9&uf=128&lf=65536&lf2=16384&lf3=16777216&type=4&style=380&size=2&timeFrameToggle=false&compareToToggle=false&indicatorsToggle=false&chartStyleToggle=false&state=11&x=28&y=15
Volume, MACD, ADX 3 EMA Par sar - http://bigcharts.marketwatch.com/advchart/frames/frames.asp?show=True&insttype=Stock&symb=FCVA&time=6&startdate=1%2F4%2F1999&enddate=11%2F21%2F2011&freq=1&compidx=aaaaa%3A0&comptemptext=&comp=none&ma=6&maval=9&uf=16&lf=1&lf2=4&lf3=1024&type=4&style=380&size=2&timeFrameToggle=false&compareToToggle=false&indicatorsToggle=false&chartStyleToggle=false&state=11&x=39&y=17
RSI, Money Flow, Volume Accumulation, 3sma, Bollinger bands - http://bigcharts.marketwatch.com/advchart/frames/frames.asp?show=True&insttype=Stock&symb=FCVA&time=6&startdate=1%2F4%2F1999&enddate=11%2F21%2F2011&freq=1&compidx=aaaaa%3A0&comptemptext=&comp=none&ma=4&maval=9&uf=8&lf=2&lf2=512&lf3=4096&type=4&style=380&size=2&timeFrameToggle=false&compareToToggle=false&indicatorsToggle=false&chartStyleToggle=false&state=11&x=35&y=12
Price Channel, Momentum, Volatility Slow, P/E Ratio - http://bigcharts.marketwatch.com/advchart/frames/frames.asp?show=True&insttype=Stock&symb=FCVA&time=6&startdate=1%2F4%2F1999&enddate=11%2F21%2F2011&freq=1&compidx=aaaaa%3A0&comptemptext=&comp=none&ma=6&maval=9&uf=128&lf=65536&lf2=16384&lf3=16777216&type=4&style=380&size=2&timeFrameToggle=false&compareToToggle=false&indicatorsToggle=false&chartStyleToggle=false&state=11&x=23&y=19
Volume, MACD, ADX 3 EMA Par sar - http://bigcharts.marketwatch.com/advchart/frames/frames.asp?show=True&insttype=Stock&symb=FCVA&time=18&startdate=1%2F4%2F1999&enddate=11%2F21%2F2011&freq=8&compidx=aaaaa%3A0&comptemptext=&comp=none&ma=6&maval=9&uf=16&lf=1&lf2=4&lf3=1024&type=4&style=380&size=2&timeFrameToggle=false&compareToToggle=false&indicatorsToggle=false&chartStyleToggle=false&state=11&x=38&y=6
RSI, Money Flow, Volume Accumulation, 3sma, Bollinger bands - http://bigcharts.marketwatch.com/advchart/frames/frames.asp?show=True&insttype=Stock&symb=FCVA&time=18&startdate=1%2F4%2F1999&enddate=11%2F21%2F2011&freq=8&compidx=aaaaa%3A0&comptemptext=&comp=none&ma=4&maval=9&uf=8&lf=2&lf2=512&lf3=4096&type=4&style=380&size=2&timeFrameToggle=false&compareToToggle=false&indicatorsToggle=false&chartStyleToggle=false&state=11&x=30&y=11
Price Channel, Momentum, Volatility Slow, P/E Ratio - http://bigcharts.marketwatch.com/advchart/frames/frames.asp?show=True&insttype=&symb=FCVA&time=18&startdate=1%2F4%2F1999&enddate=11%2F21%2F2011&freq=8&compidx=aaaaa%3A0&comptemptext=&comp=none&ma=6&maval=9&uf=128&lf=65536&lf2=16384&lf3=16777216&type=4&style=380&size=2&timeFrameToggle=false&compareToToggle=false&indicatorsToggle=false&chartStyleToggle=false&state=11&x=35&y=14
Volume, MACD, ADX 3 EMA Par sar - http://bigcharts.marketwatch.com/advchart/frames/frames.asp?show=True&insttype=Stock&symb=FCVA&time=3&startdate=1%2F4%2F1999&enddate=11%2F21%2F2011&freq=7&compidx=aaaaa%3A0&comptemptext=&comp=none&ma=6&maval=9&uf=16&lf=1&lf2=4&lf3=1024&type=4&style=380&size=2&timeFrameToggle=false&compareToToggle=false&indicatorsToggle=false&chartStyleToggle=false&state=11&x=39&y=14
RSI, Money Flow, Volume Accumulation, 3sma, Bollinger bands - http://bigcharts.marketwatch.com/advchart/frames/frames.asp?show=True&insttype=Stock&symb=FCVA&time=3&startdate=1%2F4%2F1999&enddate=11%2F21%2F2011&freq=7&compidx=aaaaa%3A0&comptemptext=&comp=none&ma=4&maval=9&uf=8&lf=2&lf2=512&lf3=4096&type=4&style=380&size=2&timeFrameToggle=false&compareToToggle=false&indicatorsToggle=false&chartStyleToggle=false&state=11&x=20&y=16
Price Channel, Momentum, Volatility Slow, P/E Ratio - http://bigcharts.marketwatch.com/advchart/frames/frames.asp?show=True&insttype=Stock&symb=FCVA&time=3&startdate=1%2F4%2F1999&enddate=11%2F21%2F2011&freq=7&compidx=aaaaa%3A0&comptemptext=&comp=none&ma=6&maval=9&uf=128&lf=65536&lf2=16384&lf3=16777216&type=4&style=380&size=2&timeFrameToggle=false&compareToToggle=false&indicatorsToggle=false&chartStyleToggle=false&state=11&x=46&y=6
Volume, MACD, ADX 3 EMA Par sar - http://bigcharts.marketwatch.com/advchart/frames/frames.asp?show=True&insttype=Stock&symb=FCVA&time=1&startdate=1%2F4%2F1999&enddate=11%2F21%2F2011&freq=6&compidx=aaaaa%3A0&comptemptext=&comp=none&ma=6&maval=9&uf=16&lf=1&lf2=4&lf3=1024&type=4&style=380&size=2&timeFrameToggle=false&compareToToggle=false&indicatorsToggle=false&chartStyleToggle=false&state=11&x=42&y=20
RSI, Money Flow, Volume Accumulation, 3sma, Bollinger bands - http://bigcharts.marketwatch.com/advchart/frames/frames.asp?show=True&insttype=Stock&symb=FCVA&time=1&startdate=1%2F4%2F1999&enddate=11%2F21%2F2011&freq=6&compidx=aaaaa%3A0&comptemptext=&comp=none&ma=4&maval=9&uf=8&lf=2&lf2=512&lf3=4096&type=4&style=380&size=2&timeFrameToggle=false&compareToToggle=false&indicatorsToggle=false&chartStyleToggle=false&state=11&x=36&y=11
Price Channel, Momentum, Volatility Slow, P/E Ratio - http://bigcharts.marketwatch.com/advchart/frames/frames.asp?show=True&insttype=Stock&symb=FCVA&time=1&startdate=1%2F4%2F1999&enddate=11%2F21%2F2011&freq=6&compidx=aaaaa%3A0&comptemptext=&comp=none&ma=6&maval=9&uf=128&lf=65536&lf2=16384&lf3=16777216&type=4&style=380&size=2&timeFrameToggle=false&compareToToggle=false&indicatorsToggle=false&chartStyleToggle=false&state=11&x=46&y=11
Volume, MACD, ADX 3 EMA Par sar - http://bigcharts.marketwatch.com/advchart/frames/frames.asp?show=True&insttype=Stock&symb=FCVA&time=1&startdate=1%2F4%2F1999&enddate=11%2F21%2F2011&freq=9&compidx=aaaaa%3A0&comptemptext=&comp=none&ma=6&maval=9&uf=16&lf=1&lf2=4&lf3=1024&type=4&style=380&size=2&timeFrameToggle=false&compareToToggle=false&indicatorsToggle=false&chartStyleToggle=false&state=11&x=31&y=14
RSI, Money Flow, Volume Accumulation, 3sma, Bollinger bands - http://bigcharts.marketwatch.com/advchart/frames/frames.asp?show=True&insttype=Stock&symb=FCVA&time=1&startdate=1%2F4%2F1999&enddate=11%2F21%2F2011&freq=9&compidx=aaaaa%3A0&comptemptext=&comp=none&ma=4&maval=9&uf=8&lf=2&lf2=512&lf3=4096&type=4&style=380&size=2&timeFrameToggle=false&compareToToggle=false&indicatorsToggle=false&chartStyleToggle=false&state=11&x=23&y=15
Price Channel, Momentum, Volatility Slow, P/E Ratio - http://bigcharts.marketwatch.com/advchart/frames/frames.asp?show=True&insttype=Stock&symb=FCVA&time=1&startdate=1%2F4%2F1999&enddate=11%2F21%2F2011&freq=9&compidx=aaaaa%3A0&comptemptext=&comp=none&ma=6&maval=9&uf=128&lf=65536&lf2=16384&lf3=16777216&type=4&style=380&size=2&timeFrameToggle=false&compareToToggle=false&indicatorsToggle=false&chartStyleToggle=false&state=11&x=22&y=15
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* If a symbol changes or adds a D, etc. Message me for an updated version.
Twitter: @MACDgyver ---> FCVA <---