LITTLE ROCK — Bank of the Ozarks Inc. of Little Rock announced Thursday it has entered into an agreement to purchase Summit Bancorp Inc. of Arkadelphia for $216 million.
George Gleason, chairman and CEO of Bank of the Ozarks, said in a news release that “Bank of the Ozarks has built its Arkansas presence primarily in the northern and central parts of the state, while Summit Bank has built a strong presence primarily in southwest and central Arkansas. The synergies created by combining these two complimentary, high-performing community banks are significant.”
“I’m proud of the organization we’ve built over the past 14 years at Summit Bank and equally proud to join forces with Bank of the Ozarks,” said Ross Whipple, chairman and CEO of Summit. “We are very pleased to partner with one of the nation’s most respected banking organizations.”
The agreement is subject to certain conditions, including regulatory approval and the approval of Summit’s shareholders. The transaction is expected to close by the end of the second quarter of 2014.
Bank of the Ozarks was the second-largest bank chartered in Arkansas as ranked by assets — $4.7 billion — as of Sept. 30.
Summit ranked sixth in Arkansas by assets, with $1.2 billion. The privately held bank holding company has 23 full-service locations, mainly in southern Arkansas.