(CHARLOTTE) -- Sterling Corp., the holding company for Park Sterling Bank, and Community Capital Corp., the holding company for CapitalBank, plan to merge. The two companies signed an agreement under which Park Sterling will acquire Community Capital in a deal worth about $32.4 million.

Sterling Corp. is based in Charlotte while Community Capital Corp. is based in South Carolina. The combined company will have over $1.2 billion in total assets, $903 million in total deposits, $884 million in total loans, and a network of 21 branches in across the Carolinas.

"Our merger with Community Capital is the culmination of an extensive due diligence process, and is a strong business and cultural fit that will be positive for clients, employees, and shareholders," said James C. Cherry, Chief Executive Officer of Park Sterling.

The merger is expected to be complete in the third quarter of 2011.