South Carolina-based South State, the parent of South State Bank, has agreed to merge with North Carolina-based Park Sterling, the parent of Park Sterling Bank, in a deal worth about $690.8m.

Under the arrangement, Park Sterling would be merged into South State, while Park Sterling Bank would be merged into South State Bank.

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The merged entity will have $14.5bn in assets, $11.5bn in deposits and $10.4bn in loans. The group will operate in North and South Carolina, Virginia and Georgia.

As per the agreed terms of the deal, Park Sterling shareholders would receive 0.14 shares of South State common stock for each share of Park Sterling common stock.

The deal has already been approved by the board of directors of both companies. It is expected to be wrapped up in the fourth quarter of 2017, subject to regulatory and shareholder approvals.

Park Sterling CEO James Cherry will be appointed to the board of directors of the combined  entity after the completion of the merger.

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South State CEO Robert Hill, Jr. said: “Our partnership with Park Sterling is a natural next step. We both have a common vision for building a quality regional bank in the Southeast, and this is a significant step forward in accomplishing that goal. We are fortunate to have two great teams that operate in dynamic markets and we are excited about the opportunities this merger creates.”