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Note 2 - Pending Merger
6 Months Ended
Jun. 30, 2011
Mergers, Acquisitions and Dispositions Disclosures [Text Block]
Note 2 – Pending Merger

On March 30, 2011, the Company and Park Sterling Corporation (“Park Sterling”) entered into an Agreement and Plan of Merger (the “Merger Agreement”) pursuant to which the Company will be merged with and into Park Sterling.  Under the terms of the Merger Agreement, each outstanding share of the Company’s common stock will be converted into the right to receive either (i) $3.30 in cash or (ii) 0.6667 of a share of Park Sterling’s common stock.  The election of consideration by the holders of the Company’s common stock is subject to the limitation that no more than 40% of the shares of the Company’s common stock be exchanged for cash.

Park Sterling and the Company have received approvals for the merger by the federal and state banking regulatory authorities.  The merger is expected to close in the late third or early fourth quarter of 2011, and is subject to approval by the Company’s shareholders and the satisfaction of the closing conditions set forth in the Merger Agreement.