C1 Financial, the parent of C1 Bank, has received the shareholders approval to merge with Bank of the Ozarks (OZRK).
In November 2015, OZRK agreed to acquire C1 Financial and C1 Bank in an all-stock deal worth about $402.5m.
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As per the agreed terms of the transaction, C1 Financial will merge into OZRK and C1 Bank will merge into OZRK’s wholly-owned bank subsidiary Bank of the Ozarks following the deal completion.
St. Petersburg, Florida-based based C1 Financial operates from 32 banking offices on the west coast of Florida and in Miami-Dade and Orange Counties. As of 30 September 2015, the company managed about $1.7bn in total assets, $1.4bn in loans and $1.3bn in deposits.
The deal is expected to wrap up late in the first quarter or in the second quarter of 2016.
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