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Little Rock, Ark.-based Bank of the Ozarks Inc. ($4.04 billion) has agreed to acquire Shelby, N.C.-based First National Bank of Shelby in a transaction valued at approximately $67.8 million.
Bank of the Ozarks Inc. will pay approximately $64 million to acquire all of the outstanding common stock of First National Bank of Shelby, subject to 51% of the consideration being paid in stock. Bank of the Ozarks Inc. will also pay approximately $3.8 million, representing the value of real property, which is being simultaneously purchased from parties related to First National Bank of Shelby and on which certain First National Bank offices are located.
At Dec. 31, 2012, First National Bank had approximately $857 million of total assets, $474 million of loans and $652 million of deposits, according to the Jan. 24 news release.
According to SNL data analysis, offers for bank and thrift targets in the Southeast between Jan. 24, 2012, and Jan. 24 averaged...