by Lance Turner
Posted 8/1/2013 10:04 am
Updated 9 months ago
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.