The 10-state footprint of Little Rock’s Bank OZK will have two fewer states by March 31. The $26.3 billion-asset lender is exiting South Carolina and Alabama, where it operates two branches in each state.
In Alabama, Bank OZK is selling its $26 million-deposit Mobile branch to Merchants & Marine Bank of Pascagoula, Mississippi, and its $74 million-deposit Geneva branch to 22nd State Bank of Louisville, Alabama. Expected to close by year’s end, the value of the combined deal is pegged at $3 million to $4 million.
In South Carolina, Bank OZK is selling its Hilton Head Island and Bluffton branches, which hold a combined $122 million in deposits. The deal is expected to close in the first quarter of 2021 at between $4 million and $5 million.
The buyer-to-be is the $1.6 billion-asset Sharonview Federal Credit Union of Indian Land, South Carolina.
The South Carolina offices and Mobile branch were purchased in 2010 by Bank OZK as part of its FDIC-assisted acquisition of Woodlands Bank of Bluffton, S.C.
The Geneva location was bought eight years ago in the $27.3 million purchase of Genala Banc Inc. and its wholly owned subsidiary, The Citizens Bank. The Geneva office was the lone Citizens location.