Bank of the Ozarks will acquire Genala Banc of Alabama for $27.3 million, the two banks announced on Thursday.
According to the terms of the agreement, Bank of the Ozarks will acquire all of the outstanding common stock of Genala Banc.
Genala is the holding company for The Citizens Bank, which operates one banking office in Geneva, Alabama. As of June 30, 2012, The Citizens Bank had approximately $170 million of total assets, $45 million of loans and $142 million of deposits. The Citizens Bank opened in Geneva in 1901.
“The Citizens Bank is a healthy bank with a great history and a solid market share in southeastern Alabama. This acquisition provides us an opportunity to expand our already substantial presence in the Southeast region and provides a nice link between our two offices in Mobile, Alabama and our two offices in Bainbridge, Georgia,” said George Gleason, Chairman and Chief Executive Officer of Bank of the Ozarks.
The transaction is expected to close in late December 2012 or during the first quarter of 2013.
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