Both the banks have inked a definitive agreement and plan of merger to this effect.
As per the agreed terms, Bank of the Ozarks will pay close to $20.50 per fully diluted CSB share.
The acquisition is subject to certain closing conditions, including customary regulatory and shareholder approvals.
Following the completion of the deal, CSB will merge into Bank of the Ozarks and Community & Southern Bank will merge into Bank of the Ozarks’s wholly-owned bank subsidiary, Bank of the Ozarks.
Based in Atlanta, Georgia, Community & Southern Holdings completed 14 acquisitions so far which resulted in 47 Georgia banking offices and one Jacksonville, Florida banking office.
CSB acquired certain CertusBank branches earlier this month.
Bank of the Ozarks CEO George Gleason said: "We are very pleased to announce the acquisition of Community & Southern Bank. This combination is a hand in glove fit.
"The synergies created by our highly complementary combined network of 75 Georgia banking offices, with virtually no overlap, will give us a powerful presence in Georgia, providing customers with great access and convenience.
"The addition of CSB’s Jacksonville, Florida office provides us entry into the favorable Jacksonville market and expands our existing 10-office presence in Florida."
As of 30 September 2015, CSB had approximately $4.4bn of total assets, $3bn of loans and $3.7bn of deposits including pro forma balances of total assets, loans and deposits related to the acquisition of the CertusBank branches.
Image: Bank of the Ozarks in Lowndes County, Georgia. Photo: courtesy of Michael Rivera / Wikimedia Commons.
