Bank of the Ozarks Closes Deal to Buy First National Bank of Shelby

Bank of the Ozarks Inc. of Little Rock said Wednesday that it has completed its acquisition of First National Bank of Shelby in North Carolina, a $68.5 million deal the company first announced in January.

Per the deal, Bank of the Ozarks issued 1.2 million shares of its common stock (Nasdaq: OZRK) valued at about $60.1 million as of July 31, plus about $8.4 million in cash for all outstanding shares of First National Bank common stock. Another $3.8 million in cash covered the value of the bank's real estate.

The deal adds 14 North Carolina banking offices in a four-county area west of Charlotte, N.C., that are now operating as Bank of the Ozarks. Bank of the Ozarks has been operating in nearby Charlotte for mroe than a decade and plans to add a new banking office in Cornelius, N.C. in 2014.

Bank of the Ozarks is a bank holding company with $4 billion in total assets as of June 30. The company has operations through 132 offices in Arkansas, Georgia, North Carolina, Texas, Florida, Alabama, South Carolina and New York.