Bank of the Ozarks of Little Rock said Thursday that it wants to change its name to Bank OZK "as part of a strategic rebranding."
The publicly traded company (Nasdaq: OZRK) proposed the name change in a proxy statement ahead of its 2018 annual meeting, scheduled for May 7. Shareholders will vote on the proposal at the meeting.
If approved, the new name would take effect July 16, according to the proxy. The Arkansas State Bank Department would have to sign off on the change. And the company's stock symbol would become "OZK."
In a news release, the company said its "presence and brand have evolved in recent decades from an Arkansas community bank into a much larger regional bank with nationwide lending businesses. The bank believes the new name will be beneficial in achieving its long-term objectives, including continued growth and expansion in new markets."
"Bank OZK is a new name reflecting both our rich heritage and history and our commitment to be a leader in technology and innovation as we expand across the United States," Chairman and CEO George Gleason said. "Bank OZK retains the brand equity we have developed over our 115-year history and our 21 years of outstanding performance as a public company. At the same time, it frees us from the limitations of a name tied to a specific geographic region."
Gleason introduced the new name in a video posted to OZK.com, which includes FAQs for customers and investors.
The bank went public in 1997 and has $21.3 billion in assets as of Dec. 31. It has 254 offices in 10 states. Its Real Estate Specialties Group and Indirect Marine/RV Lending Division operate in major markets across the country.
S&P Global Market Intelligence ranks Bank of the Ozarks as the 58th largest bank in the country based on total assets and 31st based on total net income for 2017. In January, Forbes magazine ranked the company No. 3 on its annual list of "America's Best Banks."
The company is working on a new 247,000-SF headquarters in west Little Rock. About 500 employees working in three offices are expected to move into the building when construction is complete in late 2019 or early 2020. The building will be able to hold up to 900 employees. Gleason said the company's investment in the new complex will be "in excess of $100 million."
