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Bank of the Ozarks (OZRK) in Little Rock, Ark., got an earnings boost ahead of its acquisition of a Houston bank.
January 17 -
Buyers in Texas show little interest in strugglers like Omnibank in Houston, leaving the door open for a buyer like Bank of the Ozarks from Arkansas that knows how to acquire and fix broken banks.
December 11 -
Bank of the Ozarks (OZRK) in Little Rock, Ark., has agreed to buy Bancshares Inc. in Houston.
December 9 -
Bank of the Ozarks posted a 16% rise in quarterly profit after completing an acquisition and reporting strong loan growth.
October 11 -
The longtime chief operating officer at Bank of the Ozarks (OZRK) in Little Rock, Ark., is retiring.
August 26
Bank of the Ozarks (OZRK) of Little Rock, Ark.,
The $4.7 billion-asset Bank of the Ozarks said in a press release Thursday that it will pay about $216 million for Summit. The $1.2 billion-asset Summit has 23 branches and a loan-production office. The transaction is Bank of the Ozark's largest acquisition.
Bank of the Ozarks expects to complete the acquisition by mid-2014. Summit Chief Executive Ross Whipple is expected to join Bank of the Ozarks' board.
"Bank of the Ozarks has built its Arkansas presence primarily in the northern and central parts of the state, while Summit Bank has built a strong presence primarily in southwest and central Arkansas," Bank of the Ozarks Chairman and CEO George Gleason said in a release. "The synergies created by combining these two complementary, high performing community banks are significant."
Bank of the Ozarks was represented by law firm Kutak Rock. Stephens Inc. was Summit's financial advisor; Dover Dixon Horne served as legal counsel.
