Bank of the Ozarks to Acquire Summit Bank

Published 01/30 2014 02:14PM

Updated 01/30 2014 03:25PM

LITTLE ROCK, AR - Little Rock-based Bank of the Ozarks announced Thursday that it has entered into a definitive agreement and plan of merger with Summit Bancorp, Inc. and its wholly-owned bank subsidiary Summit Bank.

Bank of the Ozarks will acquire the Arkadelphia-based bank for $216 million.

Summit Bank operates 23 banking offices and one loan production office in nine Arkansas counties. At December 31, 2013, Summit Bank had approximately $1.2 billion of total assets, $778 million of loans and $994 million of deposits.

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