The merger of St. Petersburg, Fla.-based with and into LittleRock, Ark.-based Bank of theOzarks Inc. ($12.28 billion as of June 30) is , effective July 21 — aday after Bank of the Ozarks Inc. completed the acquisition of Atlanta-based
C1Bank also merged with and into Bank of the Ozarks. This is Bank of the Ozarks Inc.'s15th acquisition sinceMarch 2010.
At June 30, C1 had about $1.7 billion of total assets, $1.4billion of loans and $1.3 billion of deposits.
Each share of C1 common stock issued and outstandingimmediately before the closing was converted into the right to receive 0.6283of a share of Bank of the Ozarks Inc. common stock. Any fractional shares willbe paid in cash. Bank of the Ozarks Inc. issued around 9.4 million commonshares to C1 shareholders, net of shares redeemed in exchange for certain C1Bank loans sold to an affiliate of a former C1 shareholder.
Trevor Burgess, former president and CEO of C1 and founderof C1 Bank, was named chief innovation officer of Bank of the Ozarks Inc. andits bank subsidiary.
Alan Randolph, formerly executive vice president and seniorlender with C1 Bank, was named Florida division president at Bank of theOzarks, overseeing Bank of the Ozarks' 44 Florida banking offices.