Bank of Ozarks is a bank headquartered in Little Rock, Arkansas with over 255 locations in Arkansas, Georgia, Florida, Texas, Alabama, North Carolina, South Carolina, California, New York and Mississippi and $ 20.77 billion assets as of September 30, 2017. The Bank of Ozarks has been recognized as the No. 1 bank in the country in the size of its assets for seven consecutive years. This is the largest bank in Arkansas.
Video Bank of the Ozarks
History
The Bank of Ozarks began with a community bank in Jasper, Arkansas in 1903, progressing to a second location in Ozark, Arkansas in 1937.
George Gleason, a lawyer specializing in banking at Rose Law Firm, bought Bank of Ozark in 1979 when it had $ 28 million in assets and changed its name to Bank of the Ozarks. In 1994 the bank had five sites but started to flourish. Headquarters moved to Little Rock in 1995.
In 2004, the Bank of Ozarks was the second largest state bank with 41 locations, with plans to double that amount in the state, and to add full service branches in Texas and North Carolina, where the lending office has opened. In Texas, the Bank of Ozarks paid $ 2.2 million for the excess of the charter after the purchase of Sun Bank by Happy Bancshares Inc. from Happy, Texas. In addition to $ 2 million in deposits, the charter will allow banks to open new branches in the Dallas area.
In December 2008, the Bank of Ozarks moved into a floor-to-floor headquarters of 112,000 square feet, designed by Reese Rowland of Polk Stanley Rowland's Curzon Porter Architects at Chenal Parkway near Rahling Road. For five years the bank has rented space at the GMAC Building and Three Financial Center.
30 years after Gleason took over, his bank had $ 3.2 billion in assets and 72 locations, 65 in Arkansas, 6 in Texas and one in North Carolina, and 740 employees. Only four branches are purchased.
In 2010, the Bank of Ozarks bought four failed banks, two of which were in Georgia. The unity of the National Bank of Cartersville with $ 290 million in assets is the bank's first purchase in Georgia. The Bank of Ozarks also purchases Dawsonville State Chest, Georgia; Horizon Bank of Bradenton, Florida; and Woodlands Bank in Bluffton, South Carolina, which has a branch of Savannah, Georgia. Randy Dennis from DD & amp; F Consulting Group called Gleason "smart" and "cautious" in his strategy to acquire a failed bank.
In 2011, the Bank of Ozarks acquired three failed Georgian banks: Oglethorpe Bank of Brunswick with assets of $ 210 million; First Choice Community Bank of Dallas; and Park Avenue Bank of Valdosta.
In 2012, SNL Financial named the Bank of the Ozarks the best-performing regional bank.
In January 2013 the Bank of Ozarks agreed to pay $ 64 million for the First National Bank of Shelby in Shelby, North Carolina, dated 1874. Bank of Ozarks will become the "dominant bank" in Cleveland County, North Carolina. This deal, plus the bank's first full-service branch on Park Road in Charlotte, will give Bank of the Ozarks 15 locations and $ 700 million in deposits in North Carolina. In August 2014, the bank also has offices in Cornelius and Belmont.
On December 9, 2013, Bank of Ozarks announced the acquisition of $ 23 million Bancshares Inc. Houston, with $ 301 million in assets, $ 269 million in deposits and eight Omnibank NA branches, three in Houston, one in San Antonio and four in the Austin area.
On January 30, 2014, the Bank of Ozarks announced a $ 216 million merger with Summit Bancorp of Arkadelphia, the country's sixth largest bank with assets of $ 1.2 billion and 24 locations. This is the largest merger of banks.
Also in 2014, the Bank of Ozarks announced a $ 228.5 million deal to acquire Intervest Bancshares Corp of Pinellas County, Florida, with seven offices, six in Florida, $ 1.6 billion in assets and $ 1.3 billion in deposits. The Bank of Ozarks has four Florida locations, in Manatee County.
On May 6, 2015, a 64.7 million dollar deal was announced with Bank of the Carolinas of Mocksville, North Carolina. The deal will give Bank of the Ozarks 24 locations in North Carolina, up from 16, and its first presence at the Piedmont Triad. The North Carolina bank's deposits will increase from $ 596.2 million to $ 963.7 million, making it the nation's 19th largest bank. Total branches will increase to 171.
On October 19, 2015, Bank of Ozarks announced an agreement to acquire the Community & amp; Southern Bank, in a transaction of all shares valued at approximately $ 799.6 million. This acquisition, both in total assets and purchase price, is the largest ever owned by Arkansas banks.
On November 9, 2015, a $ 402.5 million deal was announced with C1 Bank of St. Petersburg, Florida. After the closing of the transaction, C1 will merge into Bank of the Ozarks. Transaction settlement is subject to certain closing conditions, including approval of customary arrangements and approval by shareholders of C1. The transaction is expected to close by the end of the first quarter of 2016 or early in the second quarter of 2016. This transaction will be Bank of the fifteenth acquisition of Ozark since March 2010 and after completion will make Bank of Ozarks the largest bank in Arkansas.
The change of name to Bank OZK was announced March 16, 2018 to reflect the wide area that is now covered by banks. A vote for change is planned May 7.
Maps Bank of the Ozarks
References
External links
- Official website
Online banking login instructions
Source of the article : Wikipedia
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