by Lance Turner
Posted 1/30/2013 04:28 pm
Updated 10 months ago
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.