Bank of Ozarks to purchase Bancshares, Inc.

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Associated Press

Posted on December 10, 2013 at 8:03 AM

LITTLE ROCK, Ark. (AP) — Little Rock-based Bank of the Ozarks says it has reached an agreement to acquire Bancshares, Inc. of Houston.

Bank of the Ozarks said Monday that it will purchase all the outstanding common stock of Bancshares in a deal estimated about about $23 million.

The agreement has been approved by the board of directors of both Bank of the Ozarks and Bancshares and is subject to regulatory approval and approval by the shareholders of Bancshares. The transaction is expected to close during the first quarter of 2014.

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