Bank of the Ozarks assumed approximately $670m in deposits and approximately $85m in other liabilities, and acquired approximately $450m in loans, approximately $225m in cash and investment securities and approximately $93m in other real estate of The Park Avenue Bank.
Through the loss share provisions of the purchase and assumption agreement, the FDIC will reimburse Bank of the Ozarks for 80% of losses it incurs on the disposition of loans and foreclosed real estate up to $218.2m, 0% of losses between $218.2m and $267.5m, and 80% of losses in excess of $267.5m.
The assets were purchased from the FDIC at a discount of $174.9m with no stated deposit premium.
As a result of these agreements, Bank of the Ozarks adds 18 Georgia offices and one Florida office giving the bank a total of 30 Georgia offices and four Florida offices.
The two institutions had no branches in overlapping markets, and no branches overlapping existing Bank of the Ozarks markets.
The Park Avenue Bank was based in Valdosta, Georgia with 11 branches in six Georgia counties and one office in Ocala, Florida. The bank was established in 1956.
Bank of the Ozarks assumed approximately $305m in deposits and approximately $5m in other liabilities, and acquired approximately $250m in loans, approximately $45m of cash and investment securities, and approximately $3m in other real estate of First Choice Community Bank.
Through the loss share provisions of the purchase and assumption agreement, the FDIC will reimburse Bank of the Ozarks for 80% of the losses it incurs on the disposition of loans and foreclosed real estate. The assets were purchased from the FDIC at a discount of $42.9m with no stated deposit premium.
First Choice Community Bank was based in Dallas, Georgia with seven branches in four Georgia counties.
