Bank of the Ozarks has agreed to acquire C1 Financial and its wholly-owned bank subsidiary, C1 Bank in a deal that is valued at around $402.5m.
Both the firms have inked a definitive agreement and plan of merger to this effect.
Based in Florida, C1 operates 32 Florida banking offices on the west coast of Florida and in Miami-Dade and Orange Counties.
As of 30 September this year, C1 had approximately $1.7bn of total assets, $1.4bn of loans and $1.3bn of deposits.
Bank of the Ozarks chairman and CEO George Gleason said: "We are very pleased to announce the acquisition of C1 Bank, a premier community bank in Florida. This acquisition provides us with 32 additional offices in Florida, including entry into the Miami, Orlando and Cape Coral-Ft. Myers markets and significantly expands our existing 10-office Florida presence.
"The addition of these branches in some of Florida’s best high growth, deposit-rich markets is very attractive to us, but of equal value is the skilled and dedicated team at C1 Bank."
Under the agreed terms, C1 shareholders will receive $25 per share.
C1 CEO Trevor Burgess will serve as chief innovation officer of Bank of the Ozarks and president of its Florida operations.
Upon completion of the deal, C1 will merge into Bank of the Ozarks and C1 Bank will merge into Bank of the Ozarks’ wholly-owned bank subsidiary, Bank of the Ozarks.
Subject to certain closing conditions, including customary regulatory approvals and approval by C1 shareholders, the acquisition is expected to be completed in the first quarter of 2016 or early in the second quarter of 2016.
Additionally, Bank of the Ozarks recently agreed to acquire Community & Southern Holdings (CSB) and its wholly-owned bank subsidiary Community & Southern Bank for $799.6m.
Image: Bank of the Ozarks in Lowndes County, Georgia. Photo: courtesy of Michael Rivera / Wikimedia Commons.