Bank of the Ozarks Completes Purchase of Texas Bank

Bank of the Ozarks Inc. of Little Rock said Wednesday that it had completed its acquisition of Omnibank parent Bancshares Inc., a $301 million-asset holding company based in Houston.

The deal, announced in December, is for an aggregate of $21.5 million in cash. It will add seven Bank of the Ozarks offices in south Texas: three in Houston, one in Austin, one each in the Austin suburbs of Cedar Park and Lockhart, and one in San Antonio.

In all, Bank of the Ozarks now has 21 offices in Texas. It has operated in the state since 2003.

"We are pleased to announce the completion of the Bancshares transaction and begin expanding upon the significant presence Omnibank has in south Texas," CEO George Gleason said in a news release. "Our new offices in Houston, Austin and San Antonio, combined with the strong presence we’ve built for over a decade in Texas, position us to further capitalize on the state’s excellent growth opportunities."

Julie Cripe, a 34-year veteran of Omnibank, has been named South Texas Division President for Bank of the Ozarks and will oversee banking operations throughout Houston, Austin and San Antonio, the company said.

Bank of the Ozarks (Nasdaq: OZRK) is a $4.7 billion-asset bank holding company with offices in Arkansas, Georgia, Texas, Florida, Alabama, North Carolina, South Carolina and New York.