Bank OZK
 | |
 Bank OZK Headquarters in Little Rock, Arkansas | |
| Company type | Public |
|---|---|
| Nasdaq: OZK S&P 400 Component | |
| Industry | Financial services |
| Founded | 1903, in Jasper, Arkansas, US |
| Headquarters | Little Rock, Arkansas, U.S. |
Key people | George G. Gleason II (chairman, CEO) Tim Hicks (CFO) |
| Products | Retail Banking Commercial Banking Treasury |
| Revenue |  US$ 2.25 billion (2023) |
| US$867.0 million (2023) | |
| US$690.8 million (2023) | |
| Total assets | US$34.24 billion (2023) |
| Total equity | US$5.14 billion (2023) |
| Owner | George G. Gleason II (over 10%) |
Number of employees | 2,744 (2023) |
| Website | ozk |
| Footnotes / references [1] | |
Bank OZK is a regional bank headquartered in Little Rock, Arkansas. It operates 240 offices in eight states including Arkansas, Georgia, Florida, North Carolina, Texas, California, Tennessee and Mississippi.
Contrary to most other large banks, the bank does not syndicate its commercial real estate loans.[2]
History
[edit]Bank OZK began as a community bank in Jasper, Arkansas in 1903, expanding to a second location in Ozark, Arkansas in 1937.[3]
In 1979, when the bank had 2 branches and $28 million in assets, George Gleason, a 25-year-old lawyer at the Rose Law Firm, bought the bank changed its name to Bank of the Ozarks.[4]
In 1994, the bank had five locations but began expanding. The headquarters was moved to Little Rock in 1995.[3]
In December 2008, the bank moved into a 92,000-square-foot four-story headquarters; in 2018 it began construction on a new 180,000 square foot headquarters at a $98 million cost.[5]
In 2018, the name of the bank was changed to Bank OZK to reflect its expansion from the Ozarks.[6]
Acquisitions
[edit]| # | Year | Company | Price | Description of Assets | Ref(s). |
|---|---|---|---|---|---|
| 1 | January 2003 | River Valley Bank (RVB) of Russellville, Arkansas | $53 million in assets | [7] | |
| 2 | March 2010 | Unity National Bank of Cartersville | Failed bank; $290 million in assets; the bank's first purchase in Georgia | [8][9][10] | |
| 3 | July 2010 | Woodlands Bank in Bluffton, South Carolina | Failed bank; $376 million in assets and $355 million in deposits | [11][12] | |
| 4 | September 2010 | Horizon Bank of Bradenton, Florida | Failed bank; $170 million in assets and $150 million in deposits | [13] | |
| 5 | December 2010 | Chestatee State Bank of Dawsonville, Georgia | Failed bank | [14] | |
| 6 | January 2011 | Oglethorpe Bank of Brunswick | Failed bank with $210 million in assets, purchased at a $38 million discount | [15][16] | |
| 7 | April 2011 | First Choice Community Bank of Dallas | Failed bank. | [17][18][19] | |
| 8 | April 2011 | Park Avenue Bank of Valdosta | Failed bank. | [20][19] | |
| 9 | December 2012 | Genala Bank | $27.3 million | $170 million of total assets, $45 million of loans and $142 million of deposits, one branch in Geneva, Alabama | [21][22] |
| 10 | 2013 | First National Bank of Shelby in Shelby, North Carolina | $64 million | 15 locations and $700 million in deposits in North Carolina | [23] |
| 11 | 2013 | Bancshares Inc. of Houston | $23 million | $301 million in assets, $269 million in deposits and 8 branches in Texas | [24] |
| 12 | 2014 | Summit Bancorp of Arkadelphia | $216 million | $1.2 billion in assets and 24 locations | [25] |
| 13 | 2014 | Intervest Bancshares of Pinellas County, Florida | $228.5 million | $1.6 billion in assets and $1.3 billion in deposits in Florida | [26] |
| 14 | 2015 | Bank of the Carolinas of Mocksville, North Carolina | $64.7 million | Additional assets in North Carolina | [27] |
| 15 | July 2016 | Community & Southern Bank | $799.6 million | $4.4 billion of total assets, $3.0 billion of loans and $3.7 billion of deposits | [28][29] |
| 16 | July 2016 | C1 Financial | $402.5 million | $1.7 billion of total assets, $1.4 billion of loans and $1.3 billion of deposits, 32 branches in Florida. | [30][31] |
Awards and recognition
[edit]In 2012 and 2015, SNL Financial named Bank of the Ozarks as the top performing regional bank in the country.[32]
References
[edit]- ^ "Bank OZK 2023 Annual Report".
- ^ Darbyshire, Madison; Gandel, Stephen (July 14, 2024). "Bank OZK finances risky bet on Miami glamour". Financial Times.
- ^ a b "About: The Bank OZK Story". Bank OZK.
- ^ Shifflett, Shane; Putzier, Konrad (September 6, 2023). "Real-Estate Doom Loop Threatens America's Banks". The Wall Street Journal.
- ^ "Bank of the Ozarks Getting Ready for Groundbreaking on New HQ". Arkansas Business. August 22, 2016.
- ^ Craver, Richard (March 19, 2018). "Bank of the Ozarks opts for abbreviation with planned name change". Winston-Salem Journal.
- ^ Maxfield, John (September 24, 2017). "A List of Bank of the Ozarks' Acquisitions". The Motley Fool.
- ^ Walker, Doug (March 30, 2010). "Bank of the Ozarks acquired Unity National this weekend". Rome News-Tribune.
- ^ Smith, David (April 29, 2010). "Bank of Ozarks profit soars". Arkansas Democrat-Gazette. Little Rock, Arkansas.
- ^ "Bank of the Ozarks Assumes Deposits and Purchase of Assets of Unity National Bank" (Press release). U.S. Securities and Exchange Commission.
- ^ Amy, Jeff (July 16, 2010). "Woodlands Bank fails, sold to Bank of the Ozarks by FDIC". The Birmingham News.
- ^ Smith, David (July 17, 2010). "Bank of Ozarks nets 2nd takeover". Arkansas Democrat-Gazette.
- ^ Smith, David (September 11, 2010). "Bank of Ozarks acquires lender". Arkansas Democrat-Gazette.
- ^ Amy, Jeff (December 18, 2010). "Bank of the Ozarks acquires its fourth failed bank of 2010". The Birmingham News.
- ^ Sider, Alison (January 15, 2011). "Lender acquires bank in Georgia". Arkansas Democrat-Gazette.
- ^ "Failed Bank Information for Oglethorpe Bank, Brunswick, GA". Federal Deposit Insurance Corporation.
- ^ "Failed Bank Information: Information for First Choice Community Bank, Dallas, GA". Federal Deposit Insurance Corporation. April 29, 2011.
- ^ Gargis, Jon (April 30, 2011). "First Choice Community Bank Closes; Bank of the Ozarks Takes Accounts". Patch Media.
- ^ a b "Bank of the Ozarks, Little Rock, Arkansas, Acquires All the Deposits of Two Georgia Banks" (Press release). Federal Deposit Insurance Corporation. April 29, 2011.
- ^ Poling, Dean (April 30, 2011). "Park Avenue Bank closes". Valdosta Daily Times.
- ^ Browdie, Brian (October 5, 2012). "Bank of the Ozarks to Buy Genala Banc in Alabama for $27 Million".
- ^ "Bank of the Ozarks, Inc. Completes Acquisition of Genala Banc, Inc. in Geneva, Alabama" (Press release). Business Wire. December 31, 2012.
- ^ O'Daniel, Adam (January 30, 2013). "Bank of the Ozarks deploying 'war chest' in North Carolina expansion". American City Business Journals.
- ^ Pulsinelli, Olivia (December 10, 2013). "Bank of the Ozarks scoops up Houston bank". American City Business Journals.
- ^ Smith, David (January 31, 2014). "Bank of Ozarks agrees to purchase Summit, 11th acquisition since '10". Arkansas Democrat-Gazette.
- ^ O'Daniel, Adam (August 1, 2014). "Bank of the Ozarks to buy Intervest Bank for $228 million". American City Business Journals.
- ^ Craver, Richard (May 7, 2015). "Bank of the Carolinas to be sold to Arkansas bank". Winston-Salem Journal.
- ^ "Bank of the Ozarks, Inc. and Community & Southern Holdings, Inc. Enter into Definitive Agreement and Plan of Merger" (Press release). Business Wire. October 19, 2015.
- ^ "Bank of the Ozarks, Inc. Announces Completion of its Merger With Community & Southern Holdings, Inc" (Press release). Business Wire. July 20, 2016.
- ^ "Bank of the Ozarks, Inc. and C1 Financial, Inc. Enter into Definitive Merger Agreement" (Press release). Business Wire. November 9, 2015.
- ^ "Bank of the Ozarks, Inc. Announces Completion of its Merger With C1 Financial, Inc" (Press release). Business Wire. July 21, 2016.
- ^ "Bank of the Ozarks named top performing bank in nation". Hot Springs Sentinel-Record. August 17, 2015.
External links
[edit]
- Business data for Bank OZK: