Bank Of The Ozarks Completes Acquisition Of Summit Bancorp - Quick Facts

(RTTNews) - Bank of the Ozarks, Inc. (OZRK) announced that it has completed its acquisition of Summit Bancorp, Inc. and its wholly-owned bank subsidiary Summit Bank.

Th company said the acquisition was pursuant to a previously announced definitive agreement and plan of merger whereby Summit merged with and into the company and Summit Bank merged with and into its wholly-owned bank subsidiary, Bank of the Ozarks, effective May 16, 2014.

In connection with closing the transaction, Bank of the Ozarks issued about 2.88 million shares of its common stock and approximately $42.4 million in cash for all outstanding shares of Summit common stock.

The Bank stated that the transaction is accretive to the company's book value per common share and tangible book value per common share and is expected to be accretive to the company's diluted earnings per common share in the first twelve months after the closing date and thereafter.