Banking & Savings M&A » By The Online Investor Staff, updated Thu., Apr. 18, 11:15 PM
Recent mergers and acquisitions in the Banking & Savings M&A category.
| This Slide: #83 of 100 |
Slide #83. Bank of the Ozarks, Inc. — Summit Bancorp, Inc.
Acquirer:
Bank of the Ozarks, Inc. (OZRK)
Acquiree:
Summit Bancorp, Inc.
Details:
Bank of the Ozarks, Inc. (NASDAQ:OZRK) announced today that it has entered into a definitive agreement and plan of merger ("Agreement") with Summit Bancorp, Inc. ("Summit") and its wholly-owned bank subsidiary Summit Bank ("Summit Bank"), headquartered in Arkadelphia, Arkansas. According to the terms of the Agreement, Bank of the Ozarks, Inc. ("Company") will acquire all of the outstanding common stock of Summit in a transaction valued at approximately $216 million, subject to potential adjustments. Closing of the transaction is expected to be immediately accretive to the Company's book value per common share and to its tangible book value per common share. The transaction is expected to be accretive to the Company's diluted earnings per common share for the first twelve months after the transaction closes and thereafter.
Bank of the Ozarks provided a range of retail and commercial banking services through 253 offices in Arkansas, Georgia, Florida, North Carolina, Texas, Alabama, South Carolina, California, New York and Mississippi, as of Dec 31 2017. Co. provides a variety of commercial and consumer lending products to its customers, including real estate loans, consumer and small business loans, indirect consumer marine/RV loans, business aviation financing, commercial and industrial loans, government guaranteed loans and agricultural loans, among others. As of Dec 31 2017, Co. had total assets of $21,275,647,000 and total deposits of $17,192,345,000.
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