Bank of the Ozarks to Buy River Valley Bank of Russellville

by Arkansas Business staff  on Wednesday, Mar. 12, 2003 1:22 pm  

Bank of the Ozarks Inc. of Little Rock said Tuesday that it has agreed to acquire RVB Bancshares Inc. for about $7.1 million in cash and stock.

RVB Bancshares is the holding company for River Valley Bank, which has more than $50 million in assets.

In a news release, Bank of the Ozarks said it expects the deal to have no material impact on 2003 earnings and a slightly positive effect on 2004 earnings. The deal is expected to close in the second quarter.

Arkansas Business first reported word of the pending sale on Jan. 24.

Bank of the Ozarks had about $1.04 billion in assets as of Dec. 31. As of Sept. 30, River Valley Bank had tallied a combined profit of about $379,000 during its first five years of operation.

 

 

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