Sign up to get the Business newsletter.

Please confirm email address:

Bank of the Ozarks, Inc. and Intervest Bancshares Corporation Enter into Definitive Agreement and Plan of Merger

Bank of the Ozarks, Inc. (NASDAQ: OZRK) and Intervest Bancshares Corporation (NASDAQ: IBCA) jointly announced today the signing of a definitive agreement and plan of merger (“Agreement”) whereby Bank of the Ozarks, Inc. (“Company”) will acquire Intervest Bancshares Corporation (“Intervest”) and its wholly-owned bank subsidiary Intervest National Bank (“Intervest Bank”), with offices in Florida and New York, in an all-stock transaction. According to the terms of the Agreement, the Company will acquire all of the outstanding common stock of Intervest in a transaction valued at approximately $228.5 million, less the amount paid by Intervest to cash out all outstanding stock options, stock appreciation rights and stock warrants, and subject to other potential adjustments. Closing of the transaction is expected to be immediately accretive to the Company’s book value per common share and its tangible book value per common share. The transaction is also expected to be accretive to the Company’s diluted earnings per common share for the first twelve months after the transaction closes and thereafter.

  • Marketplace

Quick Job Search


Careerbuilder.com

Miami Top Jobs