US based Bank of the Ozarks, Inc. has signed a $27.3m deal with Alabama's Genala Banc, to acquire all of the outstanding common stock of the latter.
Genala Banc is the holding company of The Citizens Bank, which operates one banking office in Geneva, Alabama. It had nearly $170m assets, $45m loans and $142m deposits, as of 30 June 2012.
Following the approval of transaction by boards of the two companies, Genela Banc, Inc will merge with Bank of the Ozark, Inc, while the Citizens Bank will merge with the latter’s banking operations.
Bank of the Ozarks chairman and chief executive officer George Gleason said the acquisition offered an opportunity to enhance its presence in the Southeast region.
As per the deal, the company will issue shares of its common stock valued at nearly $13.9m in addition to about $13.4m in cash for all outstanding shares of Genala Banc.
Expected to complete by the end of December 2012, or during the first quarter of 2013, the deal is subject to certain regulatory approval and customary closing conditions.
Bank of the Ozarks was advised by the investment banking firm of FIG Partners, and the law firm of Kutak Rock, while Genala Banc and The Citizens Bank were advised by Sheshunoff and Bradley Arant Boult Cummings.
As a holding company, Bank of the Ozarks, Inc. has $3.76bn in total assets as of 30 June 2012. It manages banking operations through 116 offices in Arkansas, Georgia, Texas, Florida, Alabama, North Carolina and South Carolina.