Bank OZK Announces Sale of its South Carolina Branches
LITTLE ROCK, Ark., July 15, 2020 (GLOBE NEWSWIRE) -- Bank OZK (the “Bank”) (Nasdaq: OZK) today announced that it has entered into a Purchase and Assumption Agreement to sell its only two South
Carolina branches. The Bank has agreed to sell its Hilton Head Island and Bluffton, South Carolina branches (the “Branches”) to Sharonview Federal Credit Union (“Sharonview”) headquartered in
Indian Land, South Carolina.
Pursuant to the terms of the Purchase and Assumption Agreement, Sharonview has agreed to assume certain deposit liabilities and to acquire certain loans, as well as cash, real property, personal property and other fixed assets associated with the Branches. Subject to obtaining the necessary regulatory approvals, the pending sale is expected to close in the fourth quarter of 2020 and should result in a small gain on sale. Customers of these branches will receive additional information regarding the impact of the sale in the near future.
The deposit and loan balances at the Branches as of March 31, 2020 were approximately $107 million and $3 million, respectively. The Bank has found it difficult to operate efficiently within South Carolina with just two branches. After the transaction closes, the Bank will have no branch offices in the state of South Carolina.
DD&F Consulting Group served as financial advisor to the Bank in the transaction. Mercer Capital served as financial advisor and Howard & Howard served as legal advisor to Sharonview in the transaction.
About Bank OZK
Bank OZK (Nasdaq: OZK) is a regional bank providing innovative financial solutions delivered by expert bankers with a relentless pursuit of excellence. Bank OZK is the #1 capitalized bank among the nation’s top 100 U.S. publicly traded banks based on asset size and Tier 1 Leverage Capital Ratio as of March 31, 2020, according to data obtained from S&P Global Market Intelligence. Bank OZK was named Best Bank in the South for 2019-2020 by Money, the personal finance news and advice brand. Established in 1903, Bank OZK conducts banking operations through more than 250 offices in ten states including Arkansas, Georgia, Florida, North Carolina, Texas, Alabama, South Carolina, New York, California and Mississippi and had $24.57 billion in total assets as of March 31, 2020. Bank OZK can be found at www.ozk.com and on Facebook, Twitter and LinkedIn or contacted at (501) 978-2265 or P.O. Box 8811, Little Rock, Arkansas 72231-8811.