Bank of the Ozarks has reached a definitive agreement and plan of merger to acquire all of the outstanding common stock of Bancshares in a $23m transaction, subject to potential adjustments, to boost its existing footprint in Texas.
Headquartered in Houston, Texas, Bancshares manages eight offices through Omnibank, its wholly-owned bank subsidiary, including three offices in Houston, one in San Antonio, two in Austin, and one office each in the Austin suburbs of Cedar Park and Lockhart.
Omnibank had nearly $301m total assets, $169m in loans and $269m in deposits, at 30 September 2013.
Bank of the Ozarks chairman and CEO George Gleason said, "This transaction, our second announced in 2013, will be our tenth transaction since March 2010, and will position us to further capitalize on growth opportunities throughout Texas."
Omnibank CEO Julie Cripe commented, "OMNIBANK’s joining with Bank of the Ozarks, one of the most respected names in community banking nationally, will enhance our ability to meet the needs of our customers with outstanding service and expanded product offerings."
Pending receipt of regulatory approvals and Bancshares shareholders’ approval, the transaction is also subject to certain closing conditions and is expected to close during the first quarter of 2014.