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CITIZENS SOUTH BANK EMPLOYEE STOCK OWNERSHIP PLAN 401k Plan overview

Plan NameCITIZENS SOUTH BANK EMPLOYEE STOCK OWNERSHIP PLAN
Plan identification number 005

CITIZENS SOUTH BANK EMPLOYEE STOCK OWNERSHIP PLAN Benefits

401k Plan TypeDefined Contribution Pension
Plan Features/Benefits
  • Stock bonus
  • Leveraged ESOP - An ESOP that acquires employer securities with borrowed money or other debt-financing techniques. A completed Schedule E must be attached to a Form 5500 filed for an ESOP.
  • Plan sponsor(s) is (are) a member(s) of a controlled group (Code sections 414(b), (c), or (m)).

401k Sponsoring company profile

PARK STERLING CORPORATION has sponsored the creation of one or more 401k plans.

Company Name:PARK STERLING CORPORATION
Employer identification number (EIN):274107242
NAIC Classification:522110
NAIC Description:Commercial Banking

Additional information about PARK STERLING CORPORATION

Jurisdiction of Incorporation: North Carolina Secretary of State
Incorporation Date:
Company Identification Number: 1170234

More information about PARK STERLING CORPORATION

Form 5500 Filing Information

Submission information for form 5500 for 401k plan CITIZENS SOUTH BANK EMPLOYEE STOCK OWNERSHIP PLAN

Plan id# Filing Submission Date Name of Administrator Date Administrator SignedName of Company SponsorDate Sponsor Signed
0052013-01-01DREW CARPENTER
0052012-01-01GEORGIA M. REITMEIER

Plan Statistics for CITIZENS SOUTH BANK EMPLOYEE STOCK OWNERSHIP PLAN

401k plan membership statisitcs for CITIZENS SOUTH BANK EMPLOYEE STOCK OWNERSHIP PLAN

Measure Date Value
2013: CITIZENS SOUTH BANK EMPLOYEE STOCK OWNERSHIP PLAN 2013 401k membership
Total participants, beginning-of-year2013-01-01256
Total number of active participants reported on line 7a of the Form 55002013-01-010
Number of retired or separated participants receiving benefits2013-01-010
Number of other retired or separated participants entitled to future benefits2013-01-010
Total of all active and inactive participants2013-01-010
Number of deceased participants whose beneficiaries are receiving or are entitled to receive benefits2013-01-010
Total participants2013-01-010
Number of participants with account balances2013-01-010
Participants that terminated employment during the plan year with accrued benefits that were less than 100% vested2013-01-010
2012: CITIZENS SOUTH BANK EMPLOYEE STOCK OWNERSHIP PLAN 2012 401k membership
Total participants, beginning-of-year2012-01-01236
Total number of active participants reported on line 7a of the Form 55002012-01-01182
Number of retired or separated participants receiving benefits2012-01-014
Number of other retired or separated participants entitled to future benefits2012-01-0170
Total of all active and inactive participants2012-01-01256
Number of deceased participants whose beneficiaries are receiving or are entitled to receive benefits2012-01-010
Total participants2012-01-01256
Number of participants with account balances2012-01-01220
Participants that terminated employment during the plan year with accrued benefits that were less than 100% vested2012-01-0133

Financial Data on CITIZENS SOUTH BANK EMPLOYEE STOCK OWNERSHIP PLAN

Measure Date Value
2013 : CITIZENS SOUTH BANK EMPLOYEE STOCK OWNERSHIP PLAN 2013 401k financial data
Unrealized appreciation/depreciation of other (non real estate) assets2013-12-31$25,859
Total unrealized appreciation/depreciation of assets2013-12-31$25,859
Total liabilities at end of year (benefit claims payable, operating payabales, acquisition indebtedness and other liabilities)2013-12-31$0
Total liabilities at beginning of year (benefit claims payable, operating payabales, acquisition indebtedness and other liabilities)2013-12-31$0
Total income from all sources (including contributions)2013-12-31$28,885
Total loss/gain on sale of assets2013-12-31$0
Total of all expenses incurred2013-12-31$2,428,189
Benefit payments and payments to participlants,beneficiaries,insurance carriers and others2013-12-31$2,427,743
Total contributions o plan (from employers,participants, others, non cash contrinutions)2013-12-31$0
Value of total assets at end of year2013-12-31$0
Value of total assets at beginning of year2013-12-31$2,399,304
Total of administrative expenses incurred including professional, contract, advisory and management fees2013-12-31$446
Total interest from all sources2013-12-31$1,820
Total dividends received (eg from common stock, registered investment company shares)2013-12-31$1,206
Has a resolution to terminate the plan been adopted during the plan year or any prior plan year2013-12-31Yes
Value of any plan assets that reverted to the employer resulting from resoluton to terminate the plan2013-12-31$0
Was this plan covered by a fidelity bond2013-12-31Yes
Value of fidelity bond cover2013-12-31$8,000,000
If this is an individual account plan, was there a blackout period2013-12-31No
Total value of distributions paid in property other than in cash, annuity contracts, or publicly traded employer securities2013-12-31$0
Were there any nonexempt tranactions with any party-in-interest2013-12-31No
Other liabilities (not benefit claims, operating payabales oe acquisition indebtedness) at end of year2013-12-31$0
Other liabilities (not benefit claims, operating payabales oe acquisition indebtedness) at beginning of year2013-12-31$0
Did the receive any noncash contributions whose value was neither redily determinable on an established market nor set by an independent third party appraiser2013-12-31No
Value of net income/loss2013-12-31$-2,399,304
Value of net assets at end of year (total assets less liabilities)2013-12-31$0
Value of net assets at beginning of year (total assets less liabilities)2013-12-31$2,399,304
Did the plan have a loss casued by fraud or dishonesty (regardless whether reimbursed by fidelity bond)2013-12-31No
Were any loans by the plan or fixed income obligations due to the plan in default2013-12-31No
Were any leases to which the plan was party in default or uncollectible2013-12-31No
Value of interest bearing cash (including money market accounts and certificates of deposits) at end of year2013-12-31$0
Interest-bearing cash (include money market accounts & certificates of deposit) at beginning of the Year2013-12-31$2,119,530
Value of interest bearing cash (including money market accounts and certificates of deposits) at beginning of year2013-12-31$2,119,530
Interest earned from interest bearing cash (including money market accounts and certificates of deposit)2013-12-31$1,820
Were any plan transactions or series of transactions in excess of 5% of the current value of the plan assets2013-12-31No
Was there a failure to transmit to the plan any participant contributions2013-12-31No
Has the plan failed to provide any benefit when due under the plan2013-12-31No
Assets. Invements in employer securities at end of year2013-12-31$0
Assets. Invements in employer securities at beginning of year2013-12-31$279,774
Income. Dividends from common stock2013-12-31$1,206
Benefit payments and payments to provide benefits directly to participlants or beneficiaries including direct rollovers2013-12-31$2,427,743
Contract administrator fees2013-12-31$446
Did the plan have assets held for investment2013-12-31No
Did the plan hold any assets whose current value was neither redily determinable on an established market nor set by an independent third party appraiser2013-12-31No
Were all the plan assets eitehr distributed to particpants/beneficiaries, transferred to another plan or brought under the control of the PBGC2013-12-31Yes
Accountant perfomed limited scope audit pursuant to 29 CFR 2520.103-8 and/or 103-12(d)2013-12-31Yes
Opinion of an independent qualified public accountant for this plan2013-12-31Disclaimer
Accountancy firm name2013-12-31DIXON HUGHES GOODMAN, LLP
Accountancy firm EIN2013-12-31560747981
2012 : CITIZENS SOUTH BANK EMPLOYEE STOCK OWNERSHIP PLAN 2012 401k financial data
Unrealized appreciation/depreciation of other (non real estate) assets2012-12-31$1,044,874
Total unrealized appreciation/depreciation of assets2012-12-31$1,044,874
Total liabilities at end of year (benefit claims payable, operating payabales, acquisition indebtedness and other liabilities)2012-12-31$0
Total liabilities at beginning of year (benefit claims payable, operating payabales, acquisition indebtedness and other liabilities)2012-12-31$463,371
Total income from all sources (including contributions)2012-12-31$1,528,518
Total loss/gain on sale of assets2012-12-31$172,568
Total of all expenses incurred2012-12-31$509,363
Benefit payments and payments to participlants,beneficiaries,insurance carriers and others2012-12-31$489,563
Total contributions o plan (from employers,participants, others, non cash contrinutions)2012-12-31$0
Value of total assets at end of year2012-12-31$2,399,304
Value of total assets at beginning of year2012-12-31$1,843,520
Total of administrative expenses incurred including professional, contract, advisory and management fees2012-12-31$19,800
Total interest from all sources2012-12-31$994
Total dividends received (eg from common stock, registered investment company shares)2012-12-31$11,787
Has a resolution to terminate the plan been adopted during the plan year or any prior plan year2012-12-31Yes
Value of any plan assets that reverted to the employer resulting from resoluton to terminate the plan2012-12-31$0
Was this plan covered by a fidelity bond2012-12-31Yes
Value of fidelity bond cover2012-12-31$8,000,000
If this is an individual account plan, was there a blackout period2012-12-31No
Total value of distributions paid in property other than in cash, annuity contracts, or publicly traded employer securities2012-12-31$0
Were there any nonexempt tranactions with any party-in-interest2012-12-31No
Other liabilities (not benefit claims, operating payabales oe acquisition indebtedness) at end of year2012-12-31$0
Other liabilities (not benefit claims, operating payabales oe acquisition indebtedness) at beginning of year2012-12-31$463,371
Other income not declared elsewhere2012-12-31$298,295
Did the receive any noncash contributions whose value was neither redily determinable on an established market nor set by an independent third party appraiser2012-12-31No
Value of net income/loss2012-12-31$1,019,155
Value of net assets at end of year (total assets less liabilities)2012-12-31$2,399,304
Value of net assets at beginning of year (total assets less liabilities)2012-12-31$1,380,149
Did the plan have a loss casued by fraud or dishonesty (regardless whether reimbursed by fidelity bond)2012-12-31No
Were any loans by the plan or fixed income obligations due to the plan in default2012-12-31No
Were any leases to which the plan was party in default or uncollectible2012-12-31No
Interest earned on other investments2012-12-31$994
Value of interest bearing cash (including money market accounts and certificates of deposits) at end of year2012-12-31$2,119,530
Interest-bearing cash (include money market accounts & certificates of deposit) at beginning of the Year2012-12-31$427,094
Value of interest bearing cash (including money market accounts and certificates of deposits) at beginning of year2012-12-31$427,094
Were any plan transactions or series of transactions in excess of 5% of the current value of the plan assets2012-12-31No
Was there a failure to transmit to the plan any participant contributions2012-12-31No
Has the plan failed to provide any benefit when due under the plan2012-12-31No
Assets. Invements in employer securities at end of year2012-12-31$279,774
Assets. Invements in employer securities at beginning of year2012-12-31$1,416,426
Income. Dividends from common stock2012-12-31$11,787
Benefit payments and payments to provide benefits directly to participlants or beneficiaries including direct rollovers2012-12-31$489,563
Contract administrator fees2012-12-31$19,800
Did the plan have assets held for investment2012-12-31Yes
Did the plan hold any assets whose current value was neither redily determinable on an established market nor set by an independent third party appraiser2012-12-31No
Were all the plan assets eitehr distributed to particpants/beneficiaries, transferred to another plan or brought under the control of the PBGC2012-12-31No
Aggregate proceeds on sale of assets2012-12-31$388,998
Aggregate carrying amount (costs) on sale of assets2012-12-31$216,430
Accountant perfomed limited scope audit pursuant to 29 CFR 2520.103-8 and/or 103-12(d)2012-12-31Yes
Opinion of an independent qualified public accountant for this plan2012-12-31Disclaimer
Accountancy firm name2012-12-31DIXON HUGHES GOODMAN, LLP
Accountancy firm EIN2012-12-31560747981

Form 5500 Responses for CITIZENS SOUTH BANK EMPLOYEE STOCK OWNERSHIP PLAN

2013: CITIZENS SOUTH BANK EMPLOYEE STOCK OWNERSHIP PLAN 2013 form 5500 responses
2013-01-01Type of plan entitySingle employer plan
2013-01-01Submission has been amendedNo
2013-01-01This submission is the final filingYes
2013-01-01This return/report is a short plan year return/report (less than 12 months)No
2013-01-01Plan is a collectively bargained planNo
2013-01-01Plan funding arrangement – TrustYes
2013-01-01Plan benefit arrangement - TrustYes
2012: CITIZENS SOUTH BANK EMPLOYEE STOCK OWNERSHIP PLAN 2012 form 5500 responses
2012-01-01Type of plan entitySingle employer plan
2012-01-01Submission has been amendedNo
2012-01-01This submission is the final filingNo
2012-01-01This return/report is a short plan year return/report (less than 12 months)No
2012-01-01Plan is a collectively bargained planNo
2012-01-01Plan funding arrangement – TrustYes
2012-01-01Plan benefit arrangement - TrustYes

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