PASCAGOULA, Miss.--(BUSINESS WIRE)--Merchants & Marine Bank (“M&M Bank”) a wholly owned subsidiary of Merchants & Marine Bancorp, Inc. (OTC QX: “MNMB") today announced that M&M Bank and Bank OZK (NASDAQ: OZK) have entered into a definitive agreement for M&M Bank to acquire Bank OZK’s Mobile, Alabama office located at 6161 Airport Boulevard, Mobile, AL. As a part of the transaction, M&M Bank will assume all of the deposits of the Mobile office and acquire certain loans and other assets.
M&M Bank President & CEO Clayton Legear commented, “We are thrilled to have this opportunity to expand into the dynamic Mobile, Alabama market in such a meaningful way. M&M Bank has deep roots on the Gulf Coast, many of which run through Mobile. This acquisition will allow us to build on our already strong presence in neighboring areas as we seek to help M&M Bank, our clients, and the communities we call home thrive. We look forward to partnering with the talented group of bankers who will be joining our team through this transaction to serve the Mobile community.”
The branch transaction is subject to approval by federal and state bank regulators and to satisfaction of other customary closing conditions. Once the transaction closes, the Mobile Bank OZK office will become an office of M&M Bank. Clients of the Mobile office should continue conducting business as usual at Bank OZK, including using their same checks, debit cards and online banking services until the transaction is closed. M&M Bank will provide advance notice and information to all clients concerning their accounts prior to the transaction closing, which is expected to occur in the fourth quarter of 2020.
ProBank Austin served as financial advisor and Bass, Berry & Sims PLC served as legal advisor to M&M Bank in this transaction.
About Merchants & Marine Bank
Merchants & Marine Bank (M&M Bank), a wholly owned subsidiary of Merchants & Marine Bancorp, Inc. (OTCQX: MNMB), is a full-service state-chartered community bank with over $600 million in total assets. M&M Bank operates 13 branch offices across the Mississippi and Alabama Gulf Coast and offers a full suite of traditional and electronic banking services for both personal and business clients. M&M Bank has earned numerous awards, including a listing in the U.S. Banker Magazine as a Top 200 Community Bank and multiple 5-Star Superior Ratings from Bauer Financial, Inc.
About Bank OZK
Bank OZK (Nasdaq: OZK) is a regional bank providing innovative financial solutions delivered by expert bankers with a relentless pursuit of excellence. Bank OZK is the #1 capitalized bank among the nation’s top 100 U.S. publicly traded banks based on asset size and Tier 1 Leverage Capital Ratio as of March 31, 2020, according to data obtained from S&P Global Market Intelligence. Bank OZK was named Best Bank in the South for 2019-2020 by Money, the personal finance news and advice brand. Established in 1903, Bank OZK conducts banking operations through more than 250 offices in ten states including Arkansas, Georgia, Florida, North Carolina, Texas, Alabama, South Carolina, New York, California and Mississippi and had $24.57 billion in total assets as of March 31, 2020.
The statements contained in this release that are not historical facts are forward-looking statements based on management's current expectations and beliefs concerning future developments and their potential effects on Merchants & Marine Bancorp and M&M Bank. Readers are cautioned not to unduly rely on forward looking statements. Actual results may differ from those projected. These forward-looking statements involve risks and uncertainties including but not limited to the health of the national and local economies, M&M Bank’s ability to attract and retain skilled employees, M&M Bank’s ability to meet customers' service expectations and retain those customers, M&M Bank’s ability to secure any regulatory approvals required to consummate the proposed transaction, the ability of M&M Bank to retain key employees of the branch being acquired, M&M Bank’s ability to successfully integrate the acquired branch, changes in interest rates, and the performance of the loan portfolio acquired in connection with the acquisition.