Bank of Ozarks to purchase Bancshares, Inc. LITTLE ROCK, Ark. (AP) — Little Rock-based Bank of the Ozarks says it has reached an agreement to acquire Bancshares Inc. of Houston.
Bank of the Ozarks said Monday that it will purchase all the outstanding common stock of Bancshares in a deal estimated about about $23 million.
The agreement has been approved by the board of directors of both Bank of the Ozarks and Bancshares and is subject to regulatory approval and approval by the shareholders of Bancshares. The transaction is expected to close during the first quarter of 2014.
Bancshares is headquartered in Houston, and operates eight offices through Omnibank N.A., its wholly-owned bank subsidiary, including three offices in Houston, one office in San Antonio, two offices in Austin, one of which Omnibank is in the process of closing, and one office each in the Austin suburbs of Cedar Park and Lockhart. At Sept. 30, 2013, Omnibank had $301 million in total assets, $169 million in loans and $269 million in deposits. Omnibank was established in 1954.
Bank of the Ozarks has several locations in North Texas, including a branch in Southlake. – Betty Dillard of the Fort Worth Business Press contributed to this report.