Stephens analyst Tyler Stafford initiated coverage on four Southeast banks this morning, noting that five of the 25 biggest bank acquisitions in the country over the past eleven months have come from within North or South Carolina. Against that backdrop of banking transformation in the region, Stafford said he sees South State (SSB) as the next likely acquirer, that he views Park Sterling Bank (PSTB) as the most likely takeover candidate within one to three years, and that he expects BNC Bancorp (BNCN) and Yadkin Financial (YDKN) to focus on integrating their deals that are pending. The analyst initiated BNC Bancorp and Yadkin with Overweight ratings and initiated Park Sterling and South State with Equal Weight ratings.