Bank of the Ozarks, Inc. (NASDAQ: OZRK) announced today that it has entered into a definitive agreement and plan of merger (“Agreement”) with Genala Banc, Inc. According to the terms of the Agreement, Bank of the Ozarks, Inc. (“Company”) will acquire all of the outstanding common stock of Genala Banc, Inc. in a transaction valued at approximately $27.3 million. Following closing, the transaction is expected to be accretive to the Company’s book value per common share, tangible book value per common share and diluted earnings per common share.
Genala Banc, Inc. is the holding company for The Citizens Bank, which operates one banking office in Geneva, Alabama. As of June 30, 2012, The Citizens Bank had approximately $170 million of total assets, $45 million of loans and $142 million of deposits. The Citizens Bank opened in Geneva in 1901.
“The Citizens Bank is a healthy bank with a great history and a solid market share in southeastern Alabama. This acquisition provides us an opportunity to expand our already substantial presence in the Southeast region and provides a nice link between our two offices in Mobile, Alabama and our two offices in Bainbridge, Georgia,” commented George Gleason, the Company’s Chairman and Chief Executive Officer. “Customers of The Citizens Bank will continue to enjoy local decision making and the same quality of friendly hometown banking to which they have become accustomed, as well as benefitting from an enhanced menu of financial services and technology options,” Gleason added.
Roy G. Dowdy, Jr., President and Chief Executive Officer of The Citizens Bank, stated, “Bank of the Ozarks, recognized as the top performing bank in the country, stood out as an excellent fit for our customers, our employees, our community, and our stockholders as we considered the strategic direction of our company. Our goal was to find a successful organization sharing a similar community banking philosophy, with the ability to offer our customers access to a wider range of products and services. We look forward to joining the outstanding team at Bank of the Ozarks.”