At the effective time of the merger, each issued and outstanding share of BCAR common stock was converted into the right to receive 0.00313515 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 1.4 million shares of its common stock in exchange for the outstanding shares of BCAR 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 expected to be neutral to slightly accretive to the Company’s diluted earnings per common share, excluding transaction costs, for the first twelve months after the transaction closes.
Simultaneous with the closing of the merger, BCAR’s wholly-owned bank subsidiary, Bank of the Carolinas, merged with and into the Company’s wholly-owned bank subsidiary, Bank of the Ozarks.
At June 30, 2015, BCAR had approximately $345 million of total assets, $277 million of loans, $296 million of deposits and $48 million in common stockholders’ equity.
George Gleason, Chairman and Chief Executive Officer of Bank of the Ozarks, Inc., commented, "Bank of the Ozarks is very pleased to expand our presence in the northern portion of the Charlotte MSA and add our initial offices in the Piedmont Triad region of North Carolina.
"Our eight new offices complement our existing North Carolina offices, giving us a total of 24 offices in the state. Customers of Bank of the Carolinas will benefit from our expanded suite of products and services as well as friendly hometown banking at one of the strongest financial institutions in the country."
