Pursuant to the terms of the merger agreement, each share of Intervest common stock issued and outstanding immediately prior to the closing was converted into the right to receive 0.3014 of a share of the Company’s common stock.
Any fractional shares will be paid in cash. In connection with the closing of the transaction, the Company issued approximately 6.6 million shares of its common stock for the outstanding shares of Intervest common stock.
The transaction is expected to be immediately accretive to the Company’s book value per common share and its tangible book value per common share.
The transaction is also expected to be accretive to the Company’s diluted earnings per common share for the first twelve months after the transaction closes and thereafter.
Simultaneous with the closing of the merger, Intervest National Bank, Intervest’s wholly-owned bank subsidiary, merged with and into the Company’s wholly-owned bank subsidiary, Bank of the Ozarks.
This acquisition is the Company’s twelfth since March 2010 and larger than any of its previous acquisitions. Intervest had approximately $1.47 billion of total assets, $1.14 billion of loans and $1.17 billion of deposits at December 31, 2014.
"Bank of the Ozarks is very pleased to complete the acquisition of Intervest. Their six offices and quarter century heritage in the Pinellas County, Florida market are a great complement to our four offices in nearby Manatee County. Intervest’s New York and Florida lending teams have a long track record of serving commercial real estate borrowers not currently served by Bank of the Ozarks. We have established a separate Stabilized Properties Group within Bank of the Ozarks, leveraging the experience and expertise of these lending teams, providing us another growth engine for earning assets," commented George Gleason, Chairman and Chief Executive Officer of Bank of the Ozarks.
