Bank of the Ozarks, a wholly-owned bank subsidiary of Bank of the Ozarks Inc, has entered into an agreement with Federal Deposit Insurance Corporation (FDIC) to acquire Florida-based Horizon Bank of Bradenton.
The Bank of the Ozarks will purchase all of the assets and assume substantially all of the deposits and other liabilities of Horizon Bank of Bradenton.
All former Horizon Bank locations will reopen as Bank of the Ozarks branches and all former Horizon Bank customers will be able to conduct banking business as usual.
Bank of the Ozarks said that the transaction will expand its banking presence into Florida for the first time. Horizon Bank had operated four banking offices including two offices in Bradenton, one in Palmetto and the other in Brandon, Florida.
In this transaction, Bank of the Ozarks assumed $150m in deposits and acquired $170m in assets including $140m of loans and $6m of investment securities.
Bank of the Ozarks chairman and CEO George Gleason said that the bank’s personal service and tradition of banking excellence will be extended to new customers in these new Florida communities. The acquisition provides Bank of the Ozarks an entry for further expansion in Florida.