Bank of the Ozarks has received the final regulatory approval from the Federal Reserve to acquire Community & Southern Holdings (C&S) and C1 Financial (C1).
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In October 2015, Bank of the Ozarks agreed to buy C&S and its subsidiary Community & Southern Bank in an all-stock deal worth about $799.6m.
As of 30 September 2015, Atlanta, Georgia-based C&S managed about $4.4bn in total assets, $3bn in loans and $3.7bn in deposits.
Bank of the Ozarks agreed to purchase C1 Financial and its subsidiary C1 Bank, in an all-stock deal worth about $402.5m in November 2015.
St. Petersburg, Florida-based C1 has 32 Florida banking offices on the west coast of Florida and in Miami-Dade and Orange Counties. As of 30 September 2015, the bank managed about $1.7bn in total assets, $1.4bn in loans and $1.3bn in deposits.
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By GlobalDataThe C&S and C1 deals are expected to be completed on or about 20 July 2016 and 21 July 2016, respectively, subject to customary closing conditions.
