2 Regulators OK Bank of the Ozarks' Acquisitions

2 Regulators OK Bank of the Ozarks' Acquisitions

Bank of the Ozarks Inc. of Little Rock said Friday that it has received regulatory approval for its previously announced acquisitions of Community & Southern Bank of Atlanta and C1 Financial Inc. of St. Petersburg, Florida.

The company said it received approvals from the Federal Deposit Insurance Corporation and the Arkansas State Bank Department. It is now awaiting the OK from the Federal Reserve Bank, which it expects by the end of the second quarter.

Bank of the Ozarks said it would announce the closing dates for both merger once it received Federal Reserve approval.

Bank of the Ozarks announced both deals last fall. In October, it announced the Community & Southern deal, an all-stock transaction valued at just under $800 million, billed as the single biggest by an Arkansas bank in terms of purchase price and assets acquired.

In November, it announced the C1 deal, another all-stock transaction, valued at $402.5 million. The merger will put Bank of the Ozarks in Miami and Orlando for the first time.

Bank of the Ozarks Inc. is a bank holding company with $11.4 billion in total assets as of March 31.