Bank of the Ozarks, Inc. Completes Acquisition of Genala Banc, Inc. in
LITTLE ROCK, Ark. -- December 31, 2012
Bank of the Ozarks, Inc. (NASDAQ: OZRK) announced today completion of its
acquisition of Genala Banc, Inc. pursuant to a previously announced definitive
agreement and plan of merger whereby Genala Banc, Inc. merged into Bank of the
Ozarks, Inc. effective December 31, 2012 in a transaction valued at
approximately $27.5 million, based on the closing price of Bank of the Ozarks,
Inc. common stock on December 28, 2012, the last business day before the
Bank of the Ozarks, Inc. issued 423,616 shares of its common stock valued at
approximately $14.1 million as of December 28, 2012, plus approximately $13.4
million in cash for all outstanding shares of Genala Banc, Inc. common stock.
The transaction is accretive to the Company’s book value per common share and
tangible book value per common share and is expected to be immediately
accretive to diluted earnings per common share.
Genala Banc, Inc. was the holding company for The Citizens Bank, which
operated one banking office in Geneva, Alabama. Simultaneous with the closing
of the transaction in which Genala Banc, Inc. merged into Bank of the Ozarks,
Inc., The Citizens Bank merged into the Company’s wholly-owned bank
subsidiary, Bank of the Ozarks.
Jerome Parrish, a 20-year veteran of The Citizens Bank was named Geneva Market
President and will oversee banking operations for Bank of the Ozarks in
Geneva. The Citizens Bank’s long-time president Roy G. Dowdy, Jr. previously
announced his retirement to occur in conjunction with the closing of the
Bank of the Ozarks, Inc. is a bank holding company with $3.82 billion in total
assets as of September 30, 2012 and trades on the NASDAQ Global Select Market
under the symbol “OZRK.” The Company owns a state-chartered subsidiary bank
that conducts banking operations through 117 offices in Arkansas, Georgia,
Texas, Florida, Alabama, North Carolina and South Carolina. The Company may be
contacted at (501) 978-2265 or P.O. Box 8811, Little Rock, Arkansas
72231-8811. The Company’s website is: www.bankozarks.com.
Bank of the Ozarks, Inc.
Susan Blair, 501-978-2217
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