Bank OZK Prunes Branches

Bank OZK Prunes Branches
Bank OZK is letting go of four of its branch locations in Alabama and South Carolina, including this location in Bluffton, S.C. (Google Maps)

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.