Little Rock-based Bank of the Ozarks has entered into a definitive agreement to acquire The First National Bank of Shelby in Shelby, N.C.
According to the terms of the Agreement, Bank of the Ozarks will acquire all of the outstanding common stock of First National Bank in a transaction valued at approximately $67.8 million.
Closing of the transaction is expected to be accretive to the company’s book value per common share and tangible book value per common share, as well as diluted earnings.
First National Bank operates 14 North Carolina banking offices in a four-county area west of Charlotte.
At Dec. 31, 2012, First National Bank had approximately $857 million of total assets, $474 million of loans and $652 million of deposits. First National Bank opened in Shelby in 1874.
“First National Bank has a rich heritage in North Carolina with 14 offices in Shelby and the surrounding communities. Bank of the Ozarks has been operating in nearby Charlotte for over a decade, giving us good insight into the market,” said Bank of the Ozarks CEO George Gleason. “We are pleased to expand our service area to these additional communities. Customers of First National Bank can expect local decision making and the same quality of friendly hometown banking they have long enjoyed, in addition to benefiting from a broader range of financial services.”
Upon the closing of the transaction – expected during the second or third quarter of 2013 – First National Bank will merge into the company’s wholly-owned bank subsidiary, Bank of the Ozarks.