Publicly held Bank of the Ozarks of Little Rock, the state’s largest lender, will change its name later this year to Bank OZK.
The rebranding needs to be approved by shareholders, who will vote on the proposal at their annual meeting May 7.
In a statement, chairman and CEO George Gleason said the new name will be a benefit as the company continues to expand into new markets.
“Bank OZK is a new name reflecting both our rich heritage and history and our commitment to be a leader in technology and innovation as we expand across the United States,” Gleason said. “Bank OZK retains the brand equity we have developed over our 115-year history and our 21 years of outstanding performance as a public company. At the same time, it frees us from the limitations of a name tied to a specific geographic region.”
Bank of the Ozarks went public in 1997 with $307 million in assets. It now has $21.3 billion in assets (as of Dec. 31), 254 offices in 10 states and is the 58th largest bank in the nation based on total assets.
If shareholders approve the proposal, pending regulatory approval, the bank anticipates the name change will take effect July 16.
More details about the name change can be found here.
Shares of Bank of the Ozarks (NASDAQ: OZRK) closed Thursday at $51.51, up $0.16. In the past 52 weeks, the stock has traded between $40.15 and $54.95.
Following the name change, the bank anticipates it will continue to be listed on the NASDAQ, but with a new ticker symbol — OZK.