US-based bank holding company Bank of the Ozarks has completed the acquisition of Genala Banc for nearly $27.5m.
As per the terms of the deal, Bank of the Ozarks has issued 423,616 shares of its common stock of about $14.1m as of 28 December 2012, and nearly $13.4m in cash for all outstanding shares of Genala Banc common stock.
Genala Banc is the holding company for The Citizens Bank, which operates an office in Geneva, Alabama.
Following the completion of transaction, Genala Banc and The Citizens Bank have been merged into Bank of the Ozarks.
The Citizens Bank director and executive vice president Jerome Parrish has been appointed as Geneva market president and will spearhead banking operations for Bank of the Ozarks in Geneva.
As of 30 September 2012, Bank of the Ozarks had $3.82bn in total assets. It manages a state-chartered subsidiary bank, which provides banking services through 117 offices in Arkansas, Georgia, Texas, Florida, Alabama, North Carolina and South Carolina.