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Bank of the Ozarks' deal to buy Intervest Bancshares looks a bit odd on paper because the two are very different and operation in different of parts of the country. However, Intervest would give Ozarks a commercial lending niche it lacks.
August 1 -
Leaders of large community banks in the Southeast are keen on acquisitions, though their level of interest varies widely. Some, like Home BancShares in Arkansas, are eager to line up the next big deal. Others, including Bank of the Ozarks, seem content to steal lenders and open offices after several years of acquisitions.
September 3 -
The Treasury Department has begun auctioning more than $51 million of stock that it acquired through the Troubled Asset Relief Program.
June 10
Intervest Bancshares in New York has
The $1.6 billion-asset company paid roughly $2.9 million to buy back the warrant it had issued to the Treasury Department in December 2008. The warrant authorized the Treasury to purchase nearly 692,000 shares of Intervest's common stock at $5.42 each.
Intervest
The company's Tarp exit comes a month after it
Intervest has a branch in New York and six branches in Florida. Bank of the Ozarks has 164 branches, primarily in the Southeast.
