Posted 7/2/2013 07:19 am
Updated 8 months ago
Bank of the Ozarks Inc. of Little Rock announced Monday that it plans to open a loan production office in New York City on Friday.
Richard Smith, executive vice president, will lead the New York office, which the bank company described as an extension of the bank's Real Estate Specialties Group in Dallas.
"On many of the Real Estate Specialties Group's transactions, the equity dollars, subordinated debt or mezzanine financing comes from New York sources," Dan Thomas, vice chairman, chief lending officer, and president of the Real Estate Specialties Group, said in a news release.
"As we've worked with these sources over the years, it became apparent that having staff on the ground in New York would allow us to better serve our existing relationships and capitalize on future business opportunities."
The Real Estate Specialties Group opened in Dallas in 2003 and focuses on the origination and servicing of loans collateralized by commercial real estate in markets across the country. The group already operates two satellite offices, one in Austin, Texas, which opened in January 2012, and another in Atlanta, which opened in July 2012.
Bank of the Ozarks said it has received all regulatory approvals for the New York office, which will be the company's 118th location.
Bank of the Ozarks, Inc. is a bank holding company with $3.95 billion in assets as of March 31. The publicly traded company (Nasdaq: OZRK) has offices in Arkansas, Georgia, Texas, Florida, North Carolina, Alabama and South Carolina.