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Bank of the Ozarks agrees to acquire First National Bank

US-based bank holding company Bank of the Ozarks has inked a definitive agreement and plan of merger to acquire The First National Bank of Shelby (First National Bank) in North Carolina.

As per terms of the agreement, the acquirer will purchase all of the outstanding common stock of First National Bank in a deal valued at nearly $67.8m.

The purchased price includes $64m of merger consideration for the outstanding common stock of the bank and almost $3.8m for the value of real property.

Following completion of the transaction, the acquired entity will be merged into Bank of the Ozarks and will operate as its subsidiary.

The deal is expected to complete during the second or third quarter of 2013, pending certain closing conditions, including customary regulatory as well as shareholders of First National Bank approvals.

Sandler O’Neill + Partners’s investment banking firm and the law firm of Nelson, Mullins, Riley & Scarborough provide advice to First National Bank on the transaction, while the acquirer was represented by the law firm of Kutak Rock.

Founded in 1874, First National Bank manages 14 North Carolina bank branches in a four county area west of Charlotte and had nearly $857m of total assets, $474m of loans and $652m of deposits as at 31 December 2012.