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Bank of the Ozarks Announces Sale of 6.6M Shares

1 min read

Bank of the Ozarks Inc. on Wednesday announced that it will sell 6.6 million shares of common stock in a public offering and expects gross proceeds from the sale to be $302.3 million before underwriting discounts and offering expenses.

The Little Rock company has also granted the underwriter a 30-day option to purchase up to an additional 990,000 shares of its common stock. It expects gross proceeds to increase to $347.6 million if that option is exercised in full.

Closing of the offering is expected on or about May 31. J.P. Morgan is acting as sole book-running manager.

The company said it would used proceeds from the sale to support its growth, including growth in non-purchased loans and leases, for potential future acquisitions and for general corporate purposes.

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