Bank of the Ozarks, Inc., of Little Rock announced Wednesday the completion of its acquisition of Bancshares, Inc. of Houston Texas.
The deal, effective Wednesday, is for an aggregate of $21.5 million in cash.
This acquisition adds seven Bank of the Ozarks offices in south Texas including three offices in Houston, one office in Austin, one office each in the Austin suburbs of Cedar Park and Lockhart, and one office in San Antonio. Bank of the Ozarks has been operating in Texas since 2003 and now has 21 Texas offices.
“We are pleased to announce the completion of the Bancshares transaction and begin expanding upon the significant presence OMNIBANK has in south Texas. Our new offices in Houston, Austin and San Antonio, combined with the strong presence we’ve built for over a decade in Texas, position us to further capitalize on the state’s excellent growth opportunities,” George Gleason, Bank of the Ozarks Chairman and Chief Executive Officer said in a news release.
Julie Cripe, a 34-year veteran of OMNIBANK, has been named South Texas Division President for Bank of the Ozarks and will oversee banking operations throughout Houston, Austin and San Antonio.
Bank of the Ozarks, Inc. is a bank holding company with $4.79 billion in total assets as of Dec. 31, 2013. The company owns a state-chartered subsidiary bank that conducts banking operations through 140 offices in Arkansas, Georgia, Texas, North Carolina, Florida, Alabama, South Carolina, New York and California.