Bank of the Ozarks acquires First National of Shelby

Jan. 27, 2013 @ 07:37 AM

On Friday, First National Bank of Shelby announced it had been merged with Bank of the Ozarks.

Bank of the Ozarks, based in Little Rock, Ark., will acquire First National for approximately $67.8 million, according to a press release from Bank of the Ozarks.

First National operates 14 branches in Gaston, Cleveland, Lincoln and Rutherford counties. First National has been in Shelby for the last 140 years.

"Bank of the Ozarks, one of the most respected community banks in the country, shares our customer focus and tradition of community service," said Helen Jeffords, president and CEO of First National Bank of Shelby, in a statement. "It was of great importance to us to join a company with a strong sense of community, outstanding financial strength, and progressive leadership. Our customers, employees, communities and stockholders will all benefit from our partnership with Bank of the Ozarks."

According to the terms of the agreement, which was unanimously approved by both bank's boards, First National will merge into Bank of the Ozarks.

First National operates a branch bank in Forest City and a home loan center in Rutherfordton.