The Charlotte Business Journal has published its take on Little Rock-based Bank of the Ozarks' $67.8 million purchase of First National Bank of Shelby, N.C.
The bank, chartered in 1874, operates 14 North Carolina banking offices in a four county area west of Charlotte. Bank of the Ozarks is using the purchase to expand its holdings in the state. According to the Charlotte Business Journal report:
The bank already has its first Charlotte branch under construction off Park Road. That, combined with the Shelby deal, will give Ozarks 15 branch offices and about $700 million in deposits across the Charlotte region.
“This was clearly a market expansion,” says Jeff Adams of Banks Street Partners. “They’ll be a heck of a competitor.”
The paper also cites sources who think the deal will spur even more acquisitions in the state, and that FNB Shelby clients should gain new confidence with Bank of the Ozarks at the helm.
The complete report is available here.
- FCC Approves Sinclair's $1B Deal to Buy Allbritton TV Stations, Including KATV
- Southern Gourmasian to Open Restaurant in Downtown Little Rock
- Jerry Barakat Opening Japanese Restaurant in Hillcrest
- Brandon Barber Should Serve About 20 Years, Feds Say 17 hours ago
- Mo Money, Uber Problems (Robert Coon On Politics) 3 days ago
- Report: Adding Vision, Dental Would Cost $43M 19 hours ago
- State Higher Ed Board OKs Osteopathic School at Arkansas State 12 hours ago
- Peco Foods Announces Northeast Arkansas Plant, 1,000 Jobs 5 months ago