All The Park Avenue Bank and First Choice Community Bank will reopen as Bank of the Ozarks locations. All former customers of both the banks can continue to conduct banking business as usual.
Bank of the Ozarks will provide banking services to the holders of more than 44,000 former loan and deposit accounts of The Park Avenue Bank and over 18,000 former loan and deposit accounts of First Choice Community Bank.
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.
Bank of the Ozarks assumed $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.
The Park Avenue Bank was based in Valdosta, Georgia with 11 branches in six Georgia counties and one office in Ocala, Florida.
Bank of the Ozarks assumed $305m in deposits and approximately $5mn 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.
First Choice Community Bank was based in Dallas, Georgia with seven branches in four Georgia counties.
Bank of the Ozarks is a bank holding company with $3.3bn in total assets as of 31 March 2011. The company owns a state-chartered subsidiary bank that conducts banking operations, including its newly acquired offices, through 114 offices in Arkansas (66), Georgia (30), Texas (10), Florida (4), North Carolina (2), South Carolina (1), and Alabama (1).
