NEW YORK, May 16, 2012 /PRNewswire/ -- Levi & Korsinsky is investigating the Board of Directors of Citizens South Banking Corporation ("Citizens South" or the "Company") (Nasdaq: CSBC) for possible breaches of fiduciary duty and other violations of state law in connection with the sale of the Company to Park Sterling Corporation (Nasdaq: PSTB). Under the terms of the agreement, Citizens South shareholders can receive either $7.00 in cash or 1.4799 Park Sterling shares for each of their Citizens South shares, as long as 30 percent of the acquisition will be paid for in cash and 70 percent will be paid for in stock. The total transaction value is approximately $77.8 million.

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Click here to learn how to join the action: http://www.zlk.com/citizens-south-banking-csbc, or call: 877-363-5972. There is no cost or obligation to you.

The investigation concerns whether the Citizens South Board of Directors breached their fiduciary duties to Citizens South stockholders by failing to adequately shop the Company before entering into this transaction and whether Park Sterling Corporation is underpaying for Citizens South shares, thus unlawfully harming Citizens South stockholders.  

If you own common stock in Citizens South and wish to obtain additional information, please contact Joseph E. Levi, Esq. either via email at jlevi@zlk.com or by telephone at (212) 363-7500, toll-free: (877) 363-5972, or http://www.zlk.com.

Levi & Korsinsky is a national firm with offices in New York and Washington D.C.  The firm has extensive expertise in prosecuting securities litigation involving financial fraud, representing investors throughout the nation in securities and shareholder lawsuits.  The attorneys at Levi & Korsinsky have been appointed by numerous courts throughout the country to serve as lead counsel on behalf of shareholders in major securities lawsuits and have successfully recovered multimillion-dollar damages awards on behalf of investors.  For more information, please feel free to contact any of the attorneys listed below. Attorney advertising. Prior results do not guarantee similar outcomes.

CONTACT:   
Levi & Korsinsky, LLP
Joseph Levi, Esq.
Eduard Korsinsky, Esq.
30 Broad Street - 24th Floor
New York, NY 10004  
Tel: (212) 363-7500
Toll Free:  (877) 363-5972
Fax: (212) 363-7171
www.zlk.com

SOURCE Levi & Korsinsky, LLP