Bank OZK in Little Rock, Ark., will exit Alabama after agreeing to sell two branches in the state.
The $24.6 billion-asset bank said in a press release Wednesday that it will sell its branch in Mobile to Merchants & Marine Bancorp in Pascagoula, Miss., and a branch in Geneva to FEB Bancshares in Louisville, Ala.
The sales are expected to close in the fourth quarter.
The Mobile branch had $26 million in deposits and $23 million in loans on March 31. The Geneva branch had $66 million in deposits and $8 million in loans.
Bank OZK said it had “found it difficult to operate efficiently within Alabama with just two branches that are in separate markets.”
DD&F Consulting Group advised Bank OZK. ProBank Austin and Bass, Berry & Sims advised Merchants & Marine. Olson Palmer and Jones Walker advised FEB.
