Approval from the Federal Reserve Board is all that stands between Bank of the Ozarks in Little Rock, Ark., and two acquisitions that will add $6.1 billion in assets.
The $11.4 billion-asset Bank of the Ozarks said in a press release Friday that it received approvals from the Federal Deposit Insurance Corp. and the Arkansas State Bank Department to buy Community & Southern Holdings in Atlanta and C1 Financial in St. Petersburg, Fla.
Bank of Ozarks
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Bank of the Ozarks in Little Rock, Ark., is set to catapult over $10 billion in assets after agreeing to buy Community & Southern Holdings in Atlanta.
October 19 -
Shares in Bank of the Ozarks slid Wednesday after an investor known for shorting stocks warned about risk in the company's construction portfolio. The stock recovered some by the end of trading, and several analysts said the concerns are unfounded.
May 4 -
The $9.3 billion-asset Bank of the Ozarks said in a press release Monday that it will pay $402.5 million, or $25 a share, in stock for the $1.7 billion-asset C1 Financial.
November 9
All that remains is Fed approval, which Bank of the Ozarks hopes to receive by the end of June.
It is unclear what exactly held up approval, though Bank of the Ozarks said
George Gleason, Bank of the Ozarks' chairman and chief executive, said during the company's first-quarter earnings call that Ozarks essentially "inherited" a complaint that was filed against C&S when that bank agreed to buy CertusBank branches in Florida. Though Gleason said he expected to complete the deal, he noted there could be some conditions attached to regulatory approval.
