Bank of the Ozarks, based in Little Rock, Ark., has agreed to acquire The First National Bank of Shelby, based in Shelby, N.C., for roughly $67.8 million.
“Customers of First National Bank can expect local decision making and the same quality of friendly hometown banking they have long enjoyed, in addition to benefiting from a broader range of financial services,” said George Gleason, chairman and CEO of Bank of the Ozarks, in a prepared release.
First National Bank’s 14 branches, $857 million in total assets and $652 million in deposits will merge with Bank of the Ozarks upon the closing of the transaction, which is expected for the second or third quarter of 2013.
Add Your 2 Cents