Ameriprise Reports $9.9M Stake in Park Sterling - cbl

Posted July 10, 2011

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James Cherry

By Bill Murphy

CHARLOTTE -- Ameriprise Financial Inc. has reported a 6.8 percent stake worth $9.88 million in Park Sterling Corp. (Nasdaq: PSTB).

The Minneapolis money manager said in a filing it owns 1.95 million shares in the Charlotte, N.C.-headquartered holding company for Park Sterling Bank. The stake's value is based on the stock's closing price of $5.07 on Friday.

Ameriprise's stake is beneficially owned by Boston-based Columbia Management Investment Advisers LLC and Columbia Marsico 21st Century Fund. Ameriprise acquired Columbia Management's long-term asset management business in 2009.

Park Sterling is led by CEO James Cherry, a 31-year banking veteran. Cherry previously was CEO of Wachovia Bank's Mid-Atlantic division.

Also at citybizlist, see:

Park Sterling Corporation Expands Commercial Banking in South Carolina

Park Sterling to Acquire Community Capital for $32.4M

Park Sterling Adds Robert Jobe and John Lowe to Research Triangle Market

Ameriprise Financial to Acquire Long-Term Asset Management Business of Columbia Management for Approximately $1B

Park Sterling Corp.

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Ameriprise Financial Inc.