August 16, 2010 (FinancialWire) (Go to http://www.financialwire.net/?s=ftrdnwswnd for all of today’s featured news.) — Park Sterling Bank (NASDAQ: PSTB) said it has priced an underwritten offering of 23.1 million shares of its common stock at a price of $6.50 per share.

The bank's common stock began trading August 13 on the NASDAQ Global Market under the symbol "PSTB."

Keefe, Bruyette & Woods is acting as lead manager and sole book runner of the offering. The bank has granted the underwriters a 30-day option to purchase up to an additional 3.465 million shares of the bank's common stock to cover over-allotments, if any.

Park Sterling said it expects to close the sale of the common stock on or about August 18.

At the close on August 13 the bank’s shares were down 21.87% on the day.

North Carolina-based Park Sterling Bank provides personal banking services.

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