Bank of the Ozarks announces public offering of common stock
by May 24, 2017 4:38 pm 348 views
Little Rock-based Bank of the Ozarks said Wednesday (May 24) it will sell 6.6 million shares of its common stock in an underwritten registered public offering.
The company, according to a news release, also intends to grant the underwriter a 30-day option to purchase up to an additional 990,000 shares of its common stock. J.P. Morgan is acting as sole book-running manager.
Bank of the Ozarks, the state’s largest bank, expects to use the proceeds from the offering to support “organic growth, including growth in non-purchased loans and leases, for potential future acquisitions, and for general corporate purposes.”
The company reported record first-quarter profits of more than $89 million last month.
Shares of Bank of the Ozarks (NASDAQ: OZRK) closed at $47.03 on Wednesday, down 91 cents or 1.9%. In the past 52 weeks, the stock has traded between $56.86 and $33.51.