Little Rock, Ark.-based Bankof the Ozarks Inc. completed its acquisition of Atlanta-based Community & Southern Holdings Inc. effective July 20.
Simultaneously, Community& Southern Bank merged into Bankof the Ozarks.
In connection with the deal, Bank of the Ozarks Inc. issued approximately 20,200,000common shares to the stockholders of Community & Southern Holdings. In addition,the company issued approximately 783,000 common shares to holders of Community &Southern Holdings' outstanding stock options, restricted stock units, deferred stockunits and warrants.
The transaction is expected to be immediately accretive to theBank of the Ozarks Inc.'s book value per share and tangible book value per share.It is also expected to be accretive to the company's diluted EPS for the first 12months after deal completion.
In addition, Bank of the Ozarks Inc. named David Edwards, whohas served at Community & Southern Holdings since its inception in 2010, Georgiastate president and senior credit services officer of the bank.