This Day On The Street
Continue to site
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

Bank Of The Ozarks, Inc. Completes Acquisition Of The First National Bank Of Shelby In Shelby, North Carolina

Bank of the Ozarks, Inc. (NASDAQ: OZRK) announced today the completion of its acquisition of The First National Bank of Shelby (“First National Bank”) pursuant to a previously announced definitive agreement and plan of merger whereby First National Bank merged into Bank of the Ozarks, a wholly-owned subsidiary of Bank of the Ozarks, Inc. (“Company”) effective July 31, 2013 in a transaction valued at approximately $68.5 million.

Bank of the Ozarks, Inc. issued 1,257,405 shares of its common stock valued at approximately $60.1 million as of July 31, 2013, plus approximately $8.4 million in cash for all outstanding shares of First National Bank common stock and approximately $3.8 million in cash representing the value of real property which is being simultaneously purchased from parties related to First National Bank and on which certain First National Bank offices are located. 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 accretive to the Company’s diluted earnings per common share for the first twelve months after the closing date and thereafter.

The acquisition adds 14 North Carolina banking offices in a four county area west of Charlotte, North Carolina that will begin operating immediately as Bank of the Ozarks. Bank of the Ozarks has been operating in nearby Charlotte for over a decade and also plans to add a new banking office in Cornelius, North Carolina in 2014.

Helen Jeffords, a 30 year veteran of The First National Bank of Shelby was named Carolina Foothills Market President for Bank of the Ozarks and will oversee banking operations for the 14 banking offices in Cleveland, Gaston, Lincoln and Rutherford Counties. “This is a historic day as we embrace both our rich heritage and our exciting future. Our new signs, combining elements from the logos of both banks, honor our rich history and reflect our future with one of the strongest and most respected community banks in the country. Our staff is pleased to be joining the Bank of the Ozarks family and our customers will be well served,” stated Jeffords.

1 of 2

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
Only $9.95
14-Days Free
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 18,080.14 +21.45 0.12%
S&P 500 2,117.69 +4.76 0.23%
NASDAQ 5,092.0850 +36.0220 0.71%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs