Bank of the Ozarks (OZRK) on Wednesday finalized the cash acquisition of Bancshares in Houston, as well as its wholly-owned subsidiary Omnibank, for $21.5 million.
The transaction is expected to be accretive to diluted earnings per share.
The merger enables Bank of the Ozarks to add seven former Bancshares offices in South Texas, including three in Houston, one each in Austin and San Antonio, and one each in the Austin suburbs of Cedar Park and Lockhart.
Based in in Little Rock, Ark., Bank of the Ozarks currently has $4.8 billion-asset and 21 Texas branches.
Julie Cripe, a 34-year banking industry veteran, was named South Texas division president for Bank of the Ozarks where she will oversee the region's banking operations.
"Our new offices combined with the presence we've built for over a decade in Texas will position us to further capitalize on the state's excellent growth opportunities," said George Gleason, chairman and chief executive officer for Bank of the Ozarks, in a news release.
In January, Bank of the Ozarks bought Summit Bancorp for $216 million. Overall, the bank has made 11 acquisitions since March 2010.