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May 16, 2014
18:03 EDTOZRKBank of the Ozarks says Summit Bancorp acquisition to be accretive to earnings
Bank of the Ozarks announced the completion of its acquisition of Summit Bancorp and its wholly-owned bank subsidiary, Summit Bank, pursuant to a previously announced definitive agreement and plan of merger whereby Summit merged with and into the company and Summit Bank merged with and into the company’s wholly-owned bank subsidiary, Bank of the Ozarks, effective May 16. In connection with closing the transaction, Bank of the Ozarks, Inc. issued approximately 2.88M shares of its common stock and approximately $42.4M in cash for all outstanding shares of Summit 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 accretive to the company’s diluted earnings per common share in the first twelve months after the closing date and thereafter. This is the company’s eleventh acquisition since March 2010 and the largest in its history. The acquisition adds 23 banking offices and one loan production office in nine Arkansas counties. At March 31, 2014, Summit Bank had approximately $1.2B of total assets, $752M of loans and $987M of deposits.
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15:38 EDTOZRKNotable companies reporting after market close
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