Citizens South Banking Corporation is the holding company for Citizens South Bank (the Bank). Its principal business activities are overseeing and directing the business of the Bank. The Company’s assets consist primarily of the outstanding capital stock of the Bank, deposits held at the Bank, and investment securities. The Bank is a federally chartered savings bank. The Bank’s principal business activity is to offer Federal Deposit Insurance Corporation (FDIC)-insured deposits to local customers through its 21 branch offices and investing those deposits, together with funds generated from operations and borrowings, in residential and nonresidential real estate loans, construction loans, commercial business loans, consumer loans, and investment securities. The Bank also acts as a broker in both the origination of loans secured by one-to-four family dwellings and in the sale of uninsured financial products. In October 2012, Park Sterling Corp. acquired the Company.