Money Talk: Bank Of The Ozarks To Close On Intervest Deal Next Month
by January 5, 2015 12:11 am 173 views
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BANK OF THE OZARKS TO CLOSE ON INTERVEST DEAL NEXT MONTH
Bank of the Ozarks, Inc. and Intervest Bancshares Corp. said the two companies expect their previously announced merger to close on or about February 10, 2015.
The deal is still subject to several closing conditions set forth in the merger agreement, including the approval and adoption of the agreement by Intervest’s stockholders at a special meeting of stockholders scheduled for January 27, 2015. All required regulatory approvals for the merger of Intervest with and into Bank of the Ozarks have been received.
Bank of the Ozarks announced its $228.5 million buyout of Florida-based Intervest in July 2014.
MOST ARKANSAS-BASED STOCK PRICES MOVE HIGHER IN 2014
It would have required one helluva crystal ball in early 2014 to bet that two struggling Arkansas-based trucking companies would see their stock price more than double by year end. Ditto for a bet that the equity markets would add more value in 2014 to two retailers with share prices already flying high at the end of 2013.
But that’s what happened in 2014, and such moves were part of a year that saw share price gains for 13 of 17 publicly held companies based in Arkansas.
Tontitown-based P.A.M. Transportation (NASDAQ: PTSI) began the year with a share price of $20.75 and a lackluster history in 2013. The share price closed Tuesday (Dec. 30) at $49.51, thanks to an improving national freight environment that boosted the company’s business. The better freight environment also boosted the fortunes of Van Buren-based USA Truck.
Dillard’s and Wal-Mart also had strong years in the stock market, while Little Rock-based Acxiom saw its shares struggle. Read more at this link.
ARMSTRONG BANK TO ACQUIRE FORT SMITH-BASED BENEFIT BANK
Muskogee, Okla.-based Armstrong Bank has entered the Fort Smith and Northwest Arkansas banking markets with the planned acquisition of Benefit Bank. Terms were not disclosed, but the deal is expected to close in the first quarter of 2015.
Technically, the deal is between Ironhorse Financial Group, the parent company of Armstrong Bank, and Benefit Financial Group. The banks are expected to fully merge operations and change signs on Benefit Bank locations by mid-2015. Read more here.
CATCH UP ON MONEY TALK
For those of you who may have checked out the last two weeks due to the holidays, here is a recap of the last fortnight of Money Talk wrap-ups. Stories you may have missed include:
- THE BURGUNDY BOOK FOR ALL MARKETS IN ARKANSAS
- FEDS APPOINT ARKANSAS CEOs TO BOARDS
- NEW FEDERAL LAW COULD REQUIRE STATE ACTION
Read the last two week’s editions of Money Talk here and here.