Bank of the Ozarks Inc of Little Rock on Friday announced a $228.5 million deal to acquire Intervest Bancshares Corp. and its wholly owned bank subsidiary, Intervest National Bank.
Intervest was chartered in 1999 in New York, but only its headquarters office is there. Its six branches are all in Pinellas County, Florida – the Clearwater area. Bank of the Ozarks already has a loan production office in New York City, and five branches in Florida (none in Pinellas County).
At June 30, Intervest had about $1.6 billion in total assets, $1.2 billion in loans and $1.3 billion in deposits. Equity capital at June 30 stood at $251.6 million. Intervest earned $15.7 milion in 2013 and reported net income of $10.2 million in the first two quarters of 2014.
The deal is an all-stock transaction that will push Bank of the Ozarks’ assets to about $7.9 billion.
“We are pleased to announce the acquisition of Intervest, our twelfth acquisition in recent years and our largest to date,” George Gleason, chairman and CEO of Bank of the Ozarks, said in a news release. “Intervest’s six offices and quarter century heritage in the Pinellas County, Florida market are a great complement to our four offices in nearby Manatee County.
“Intervest’s New York and Florida lending teams have a long track record of serving commercial real estate borrowers and product types not currently offered by Bank of the Ozarks,” Gleason said. “We expect the Intervest lending team to operate as a separate Stabilized Properties Group within Bank of the Ozarks, providing us yet another growth engine for earning assets.”
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