Bank Of The Ozarks To Buy Summit Bancorp

(RTTNews) - Bank of the Ozarks, Inc. (OZRK) said Thursday that it has agreed to buy Summit Bancorp, Inc. in a deal valued at about $216 million, subject to potential adjustments.

Closing of the deal is expected to be immediately accretive to Bank of the Ozarks' book value per common share and to its tangible book value per common share.

The deal is expected to be accretive to the company's diluted earnings per common share for the first twelve months after the deal closes and thereafter.

Summit Bank operates 23 banking offices and one loan production office in nine Arkansas counties. At December 31, 2013, Summit Bank had approximately $1.2 billion of total assets, $778 million of loans and $994 million of deposits.

The deal is expected to close by the end of the second quarter of 2014.

This is Bank of the Ozarks' eleventh acquisition since March 2010 and the largest in its history.