Today, Bank of the Ozarks Inc. announced completing its acquisition of The First National Bank of Shelby. This was after signing a definitive agreement and a plan of merger between the two companies. The First National Bank merged with Bank of the Ozarks which is a unit wholly-owned of the Bank of the Ozarks Inc. The merger took effect July 31, 2013.
Bank of the Ozarks Inc. issued 1,257,405 shares of common stock priced approximately USD60.1 million. The deal also included USD8.4 million in cash for all outstanding shares of First National Bank common stock. Further, around USD3.8 million in cash was for real properties where some of the bank's offices were located. This gave the transaction a total value of approximately USD68.5 million.
With the completion of the deal, 14 North Carolina banking offices would immediately operate. A new banking office in Cornelius, North Carolina would also open in 2014.
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