Bank Of The Carolinas To Be Sold
A North Carolina bank is merging with a bank based in Arkansas worth roughly $65 million dollars.
Bank of the Ozarks is seeking to broaden it's North Carolina imprint by merging with Bank of the Carolinas, which currently has eight branches in the Triad and Charlotte markets.
The Triad Business Journal reports the all-stock transaction still needs to be approved by regulators and stockholders.
Bank Of The Carolinas, which is based in Mocksville, struggled to emerge from the recession. It was bolstered last year with an infusion of nearly $50 million dollars by investors.
Bank of the Ozarks is based in Little Rock, Arkansas, and has been expanding across North Carolina in part by acquiring other lenders. It has 16 branches in the state, not counting the ones it will acquire in the deal announced Wednesday.