LITTLE ROCK, Ark.--(BUSINESS WIRE)--Bank of the Ozarks (the “Bank”) (NASDAQ: OZRK) announced today that it intends to change its name to Bank OZK as part of a strategic rebranding. The Bank proposed the name change in its proxy materials for the 2018 annual meeting of shareholders to be held on May 7, 2018. The Bank’s shareholders will vote on the proposal at the annual meeting.
The Bank’s presence and brand have evolved in recent decades from an Arkansas community bank into a much larger regional bank with nationwide lending businesses. The Bank believes the new name will be beneficial in achieving its long-term objectives, including continued growth and expansion in new markets.
George Gleason, Chairman and Chief Executive Officer, stated, “Bank OZK is a new name reflecting both our rich heritage and history and our commitment to be a leader in technology and innovation as we expand across the United States. Bank OZK retains the brand equity we have developed over our 115-year history and our 21 years of outstanding performance as a public company. At the same time, it frees us from the limitations of a name tied to a specific geographic region.”
Since going public in 1997, the Bank’s total assets have grown from $307 million to $21.3 billion as of December 31, 2017, and it has expanded to 254 offices in 10 states. The Bank’s Real Estate Specialties Group and Indirect Marine/RV Lending Division serve customers throughout major markets across the United States.
The Bank has been recognized by leading industry publications as the nation’s number one performing bank in its asset size for each of the past seven years. According to data from S&P Global Market Intelligence,1 Bank of the Ozarks is the 58th largest bank in the nation based on total assets as of December 31, 2017, and ranked 31st based on total net income for 2017.
Gleason stated, “This is an exciting time at Bank of the Ozarks as we continue to provide best-in-class experiences and innovation to our customers, while embracing our new name, evolving technology solutions and a larger role in the nation’s banking landscape.”
The results of the shareholder vote on the proposed new name will be announced following the Bank’s annual shareholders’ meeting on May 7, 2018. If approved by shareholders, the Bank expects to file an application with the Arkansas State Bank Department seeking its approval of the name change. Assuming regulatory approval is obtained, the Bank anticipates the name change will take effect on July 16, 2018.
The Bank intends to adopt a new logo and signage in connection with the name change, but does not expect any interruption or inconvenience to customers because of the change. The Bank estimates that it will incur one-time expenses totaling between $15 million and $25 million, pre-tax, during the third quarter of 2018 due to the change in its name, primarily related to marketing, rebranding and other related expenses.
The Bank’s common stock currently trades on the NASDAQ Global Select Market under the ticker symbol “OZRK.” Assuming the name change becomes effective, the Bank anticipates that its common stock will continue to be listed on the NASDAQ Global Select Market under a new ticker symbol, “OZK,” which the Bank has reserved.
The Bank has launched a special web page where individuals can learn more about the name change: www.ozk.com.
This release and other communications by the Bank include certain “forward-looking statements” regarding the Bank’s plans, expectations, thoughts, beliefs, estimates, goals and outlook for the future, such as the timing, effect and expenses related to the rebranding initiative, that are intended to be covered by the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on management’s expectations as well as certain assumptions and estimates made by, and information available to, management at the time. Those statements are not guarantees of future results or performance and are subject to certain known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those expressed in, or implied by, such forward-looking statements. Information regarding these risks, uncertainties and other factors is contained in the Bank’s public filings, including those factors included in the disclosures under the headings “Forward-Looking Information” and “Item 1A. Risk Factors” in our most recent Annual Report on Form 10-K for the year ended December 31, 2017 or our Quarterly Reports on Form 10-Q. Should one or more of such risks materialize, or should underlying assumptions prove incorrect, actual results or outcomes may vary materially from those projected in, or implied by, such forward-looking statements. The Bank disclaims any obligation to update or revise any forward-looking statements based on the occurrence of future events, the receipt of new information or otherwise.
Bank of the Ozarks (NASDAQ: OZRK) is a regional bank providing innovative financial solutions delivered by expert bankers with a relentless pursuit of excellence. Headquartered in Little Rock, Arkansas, Bank of the Ozarks conducts operations through 254 offices in Arkansas, Georgia, Florida, North Carolina, Texas, Alabama, South Carolina, California, New York, and Mississippi. Bank of the Ozarks can be found at www.bankozarks.com and on Facebook, Twitter and LinkedIn or contacted at (501) 978-2265 or P. O. Box 8811, Little Rock, Arkansas 72231-8811.
The Bank files annual, quarterly and current reports, proxy materials, and other information required by the Securities Exchange Act of 1934 with the Federal Deposit Insurance Corporation (“FDIC”), copies of which are available electronically at the FDIC’s website at https://efr.fdic.gov/fcxweb/efr/index.html and are also available on the Bank’s investor relations website at http://ir.bankozarks.com. To receive automated email alerts for these materials please visit http://ir.bankozarks.com/EmailNotification.
1 Excluding U.S. subsidiaries of foreign banks.