Bank Of The Ozarks Completes Summit Bank Acquisition

Bank of the Ozarks completed its previously announced acquisition of Summit Bancorp, a $216 million deal announced in January.

In connection with closing the transaction, Bank of the Ozarks issued approximately 2.88 million shares of its common stock and approximately $42.4 million in cash for all outstanding shares of Summit common stock.

The acquisition of Summit is Bank of the Ozarks’ eleventh acquisition since March 2010 and the largest in the bank’s history.

Summit Bank operated 23 banking offices and one loan production office in nine Arkansas counties. At December 31, 2013, Summit Bank had approximately $1.2 billion of total assets, $778 million of loans and $994 million of deposits.

The acquisition will push Bank of the Ozarks to more than $6 billion in total assets.

“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,” said George Gleason, Chairman and CEO of Bank of the Ozarks.