Bank of the Ozarks in Little Rock, Ark., has agreed to buy Bank of the Carolinas in Mocksville, N.C.
The $8.3 billion-asset Bank of the Ozarks said in a press release late Wednesday that it will pay $64.7 million in stock for the $363 million-asset Bank of the Carolinas. The transaction is expected to close in the third quarter.
The deal is expected to be immediately accretive to Bank of the Ozarks' tangible book value per common share. Bank of the Ozarks also said that it expects the acquisition to be neutral to slightly accretive to its diluted earnings per share for the first 12 months after closing.
Bank of the Ozarks has been slowly growing in North Carolina since opening its first office in the state in 2001.
Bank of the Carolinas was advised by FIG Partners and Wyrick Robbins Yates & Ponton. Bank of the Ozarks was advised by Kutak Rock.