This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Cramer's Action Alerts PLUS - See his portfolio and get alerts BEFORE every trade. Learn more NOW!

Bank Of The Ozarks, Inc. Completes Acquisition Of Genala Banc, Inc. In Geneva, Alabama

Bank of the Ozarks, Inc. (NASDAQ: OZRK) announced today completion of its acquisition of Genala Banc, Inc. pursuant to a previously announced definitive agreement and plan of merger whereby Genala Banc, Inc. merged into Bank of the Ozarks, Inc. effective December 31, 2012 in a transaction valued at approximately $27.5 million, based on the closing price of Bank of the Ozarks, Inc. common stock on December 28, 2012, the last business day before the merger.

Bank of the Ozarks, Inc. issued 423,616 shares of its common stock valued at approximately $14.1 million as of December 28, 2012, plus approximately $13.4 million in cash for all outstanding shares of Genala Banc, Inc. common stock. The transaction is accretive to the Company’s book value per common share and tangible book value per common share and is expected to be immediately accretive to diluted earnings per common share.

Genala Banc, Inc. was the holding company for The Citizens Bank, which operated one banking office in Geneva, Alabama. Simultaneous with the closing of the transaction in which Genala Banc, Inc. merged into Bank of the Ozarks, Inc., The Citizens Bank merged into the Company’s wholly-owned bank subsidiary, Bank of the Ozarks.

Jerome Parrish, a 20-year veteran of The Citizens Bank was named Geneva Market President and will oversee banking operations for Bank of the Ozarks in Geneva. The Citizens Bank’s long-time president Roy G. Dowdy, Jr. previously announced his retirement to occur in conjunction with the closing of the transaction.

Bank of the Ozarks, Inc. is a bank holding company with $3.82 billion in total assets as of September 30, 2012 and trades on the NASDAQ Global Select Market under the symbol “OZRK.” The Company owns a state-chartered subsidiary bank that conducts banking operations through 117 offices in Arkansas, Georgia, Texas, Florida, Alabama, North Carolina and South Carolina. The Company may be contacted at (501) 978-2265 or P.O. Box 8811, Little Rock, Arkansas 72231-8811. The Company’s website is: www.bankozarks.com.

Copyright Business Wire 2010

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 18,203.37 -85.26 -0.47%
S&P 500 2,107.78 -9.61 -0.45%
NASDAQ 4,979.9010 -28.1950 -0.56%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs