An Arkansas community bank is planning to enter the securities business by acquiring a nearby brokerage firm.

Fort Smith-based Bank of the Ozarks said Tuesday that it has signed an agreement to buy John R. Taylor Financial Group, also of Fort Smith, for an undisclosed sum.

Taylor Financial is a licensed broker-dealer with more than 3,800 customers and $270 million of assets under management. Bank of the Ozarks, with $500 million of assets, operates three small banks in 14 communities throughout Arkansas.

Taylor Financial would operate under the name Taylor Ozarks Investments Inc. John Taylor would continue as president and chief executive officer of the subsidiary.

The deal is expected to close in the fourth quarter.

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