Bank of the Ozarks, Inc. (NASDAQ: OZRK) announced today that it has entered into a definitive agreement and plan of merger (“Agreement”) with Bancshares, Inc. (“Bancshares”) in Houston, Texas. According to the terms of the Agreement, Bank of the Ozarks, Inc. (“Company”) will acquire all of the outstanding common stock of Bancshares in a transaction valued at approximately $23 million, subject to potential adjustments. Closing of the transaction is expected to be accretive to the Company’s diluted earnings per common share immediately thereafter. Bancshares is headquartered in Houston, Texas, and operates eight offices through OMNIBANK, N.A. (“OMNIBANK”), its wholly-owned bank subsidiary, including three offices in Houston, one office in San Antonio, two offices in Austin, one of which OMNIBANK is in the process of closing, and one office each in the Austin suburbs of Cedar Park and Lockhart. At September 30, 2013, OMNIBANK had approximately $301 million in total assets, $169 million in loans and $269 million in deposits. OMNIBANK was established in 1954. “We are pleased to announce the acquisition of OMNIBANK, which has forged strong customer relationships with south Texans for nearly six decades. OMNIBANK’s offices substantially expand our existing footprint in Texas. We hope to achieve great synergy between OMNIBANK’s Austin-area offices and our Real Estate Specialties Group Austin loan production office, and between their Houston-area offices and our planned Real Estate Specialties Group Houston office, which we expect to open in the first quarter of 2014. For ten years we have recognized the growing importance of our Texas offices, and OMNIBANK’s substantial presence in the Houston and Austin markets should continue that trend. Today almost half of our outstanding loans and leases, excluding covered loans and purchased non-covered loans, have been originated by our Texas offices,” stated George Gleason, Bank of the Ozarks Chairman and Chief Executive Officer. “This transaction, our second announced in 2013, will be our tenth transaction since March 2010, and will position us to further capitalize on growth opportunities throughout Texas,” Gleason added.