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Regulatory approvals in hand, C1 Bank expected to become Bank of the Ozarks on July 21

 
Representatives of St. Petersburg's C1Financial celebrate their initial public offering on the New York Stock Exchange in 2014. Next month, C1's merger with Bank of the Ozarks is expected to close.
[Handout photo courtesy of NYSE]
Representatives of St. Petersburg's C1Financial celebrate their initial public offering on the New York Stock Exchange in 2014. Next month, C1's merger with Bank of the Ozarks is expected to close. [Handout photo courtesy of NYSE]
Published June 30, 2016

The long-awaited merger of St. Petersburg's C1 Financial, parent of C1 Bank, and Bank of the Ozarks is expected to be completed on or about July 21. In an SEC filing, C1 said final approval for the deal was granted Tuesday by the Federal Reserve, the last of the banking regulators required to sign off on the to proposed merger.

The $402.5 million acquisition, once concluded, means C1 Bank will be renamed and become offices of Bank of the Ozarks, based in Little Rock, Ark.

Bank of the Ozarks has assets of about $11.4 billion. Its shares trade on the Nasdaq market under the symbol OZRK. It provides banking services through 177 offices in Arkansas, Georgia, North Carolina, Texas, Florida, Alabama, South Carolina, New York and California.