Bank of the Carolinas to be sold to Bank of the Ozarks in merger agreement

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CHARLOTTE, North Carolina — Two banks with branches in North Carolina have signed an agreement to merge.

The Charlotte Observer (http://bit.ly/1EjG7Vr) reports Bank of the Ozarks and Bank of the Carolinas announced Wednesday they have signed a deal for Arkansas-based Bank of the Ozarks to buy the Mocksville-based holding company and its banking subsidiary. The deal still requires approval from regulators and Bank of the Carolinas shareholders.

The companies say the all-stock transaction is worth approximately $64.7 million.

For Bank of the Ozarks, the acquisition means a bigger footprint in the Charlotte metropolitan region and its first branches in the Piedmont Triad area.

Bank of the Carolinas has eight branches in region.


Information from: The Charlotte Observer, http://www.charlotteobserver.com

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