Bank of the Ozarks has agreed to acquire C1 Financial (C1) and its wholly-owned bank subsidiary C1 Bank in a deal worth about $402.5m.
St. Petersburg, Florida-based C1 operates with 32 Florida banking offices on the west coast of Florida as well as in Miami-Dade and Orange Counties.
The firm managed about $1.7bn in total assets, $1.4bn in loans and $1.3bn in deposits as of 30 September 2015.
Under the terms of the all-stock deal, each holder of outstanding shares of common stock of C1 will get shares of common stock of OZRK.
C1 will merge into OZRK, while C1 Bank will merge into OZRK’s wholly-owned bank subsidiary, Bank of the Ozarks, after completion of the transaction.
C1 president and CEO and C1 Bank founder Trevor Burgess will assume the role of chief innovation officer of OZRK and president of its Florida operations following completion of the takeover.
The deal, scheduled to close late in the first quarter of 2016 or early in the second quarter of 2016, has already secured the go-ahead from the boards of directors of both companies.
It is now subject to certain closing conditions, including customary regulatory approvals and approval by C1 shareholders.
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."