
Bank of the Ozarks Inc. of Little Rock expects its $228.5 million acquisition of Intervest Bancshares Corp., and its wholly owned subsidiary, Intervest National Bank, to be closed on or about Feb. 10.
Bank of the Ozarks and Intervest announced the expected closing date in a news release earlier this week. News of the deal was first reported in August.
Prior to the acquisition Bank of the Ozarks had $6.58 billion in total assets. This all-stock transaction will push its assets to about $7.9 billion.
Intervest Bancshares Corp. operates Intervest National Bank, a nationally chartered commercial bank that has its headquarters and full-service banking office in New York City. It has a total of six full-service banking offices in Clearwater and Gulfport, Florida.
As of June 30, it had about $1.6 billion in total assets, $1.2 billion in loans and $1.3 billion in deposits. Equity capital was $251.6 million, and it earned $15.7 million in 2013, while reporting a net income of $10.2 million in the first two quarters of 2014.
Bank of the Ozarks has 159 offices in Arkansas, Georgia, North Carolina, Texas, Florida, Alabama, South Carolina, New York and California.