Bank of the Ozarks has sealed the takeover of Summit Bancorp and its wholly-owned bank subsidiary Summit Bank, in a deal valued at nearly $216m.
According to the terms of the agreement, which was originally signed in January 2014, Bank of the Ozarks will acquire all of the outstanding common stock of Summit, which operates 23 banking offices and one loan production office in nine Arkansas counties.
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Bank of the Ozarks has issued nearly 2.88 million shares of its common stock and paid about $42.4m in cash for all outstanding shares of Summit common stock.
Summit Bank had approximately $1.2bn of total assets, $752m of loans and $987m of deposits, as of 31 March 2014.
Bank of the Ozarks chairman and CEO George Gleason said, "Bank of the Ozarks is very pleased to complete the acquisition of Summit Bank and begin offering customers the benefits created by the combination of two strong, high performing community banks."
"The cultural fit between our two companies is remarkable, and together we have an even more powerful banking franchise for our customers, employees and shareholders."
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