Bank of the Ozarks (OZRK) of Little Rock, Ark., has agreed to buy Summit Bancorp in Arkadelphia, Ark.
The $4.7 billion-asset Bank of the Ozarks said in a press release Thursday that it will pay about $216 million for Summit. The $1.2 billion-asset Summit has 23 branches and a loan-production office. The transaction is Bank of the Ozark's largest acquisition.
Bank of the Ozarks expects to complete the acquisition by mid-2014. Summit Chief Executive Ross Whipple is expected to join Bank of the Ozarks' board.
"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," Bank of the Ozarks Chairman and CEO George Gleason said in a release. "The synergies created by combining these two complementary, high performing community banks are significant."
Bank of the Ozarks was represented by law firm Kutak Rock. Stephens Inc. was Summit's financial advisor; Dover Dixon Horne served as legal counsel.