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Bank of Ozarks Inc Announces Agreement to Acquire The First National Bank of Shelby in Shelby, North Carolina


Thursday, 24 Jan 2013 05:45pm EST 

Bank of Ozarks Inc announced that it has entered into a definitive agreement and plan of merger (Agreement) with The First National Bank of Shelby (First National Bank) in Shelby, North Carolina. According to the terms of the Agreement, Bank of the Ozarks, Inc. (Company) will acquire all of the outstanding common stock of First National Bank in a transaction valued at approximately $67.8 million, including $64.0 million of merger consideration for the outstanding common stock of the First National Bank and approximately $3.8 million representing the value of real property which is being simultaneously purchased from parties related to First National Bank and on which certain First National Bank offices are located. Closing of the transaction is expected to be accretive to the Company’s book value per common share and 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. 

Company Quote

32.8
-0.28 -0.85%
11 Jul 2014