Bank OZK to exit Alabama with branch sales

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Bank OZK in Little Rock, Ark., will exit Alabama after agreeing to sell two branches in the state.

The $24.6 billion-asset bank said in a press release Wednesday that it will sell its branch in Mobile to Merchants & Marine Bancorp in Pascagoula, Miss., and a branch in Geneva to FEB Bancshares in Louisville, Ala.

The sales are expected to close in the fourth quarter.

The Mobile branch had $26 million in deposits and $23 million in loans on March 31. The Geneva branch had $66 million in deposits and $8 million in loans.

Bank OZK said it had “found it difficult to operate efficiently within Alabama with just two branches that are in separate markets.”

DD&F Consulting Group advised Bank OZK. ProBank Austin and Bass, Berry & Sims advised Merchants & Marine. Olson Palmer and Jones Walker advised FEB.

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