Bank of the Ozarks buys another Georgia bank

Little Rock-based Bank of the Ozarks has assumed another Georgia bank – Oglethorpe Bank of Brunswick, Ga.

Oglethorpe Bank was closed Friday (Jan. 14) by the Georgia Department of Banking and Finance, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Bank of the Ozarks to assume all of the deposits of Oglethorpe Bank.

Oglethorpe only has two branches, according to a company release.

As of Sept. 30, 2010, Oglethorpe Bank had approximately $230.6 million in total assets and $212.7 million in total deposits. Bank of the Ozarks did not pay the FDIC a premium for the deposits of Oglethorpe Bank, it disclosed.

In addition to assuming all of the deposits of the failed bank, Bank of the Ozarks agreed to purchase essentially all of the assets. The FDIC and Bank of the Ozarks entered into a loss-share transaction on $173.9 million of Oglethorpe Bank’s assets.

On Dec. 17, 2010, Bank of the Ozarks entered into an agreement to purchase assets and assume deposits of Chestatee State Bank of Dawsonville, Ga. It was the fourth bank Bank of the Ozarks acquired in 2010 through FDIC action.

In the Dawsonville FDIC-assisted transaction, Bank of the Ozarks assumed approximately $240 million in deposits and acquired approximately $240 million in assets including approximately $170 million of loans, approximately $30 million of other real estate owned and approximately $15 million of investment securities.

Bank of the Ozarks acquired Horizon Bank in Florida, Unity National Bank of Georgia, and Woodlands Bank of South Carolina earlier in 2010.