Southern draw

Arkansas is quickly becoming a dominant financial center in the South as bankers from that state flock to acquire banks in Florida and other neighboring states.

In the most recent high-profile deal, Bank of the Ozarks announced last month it would acquire St. Petersburg-based C1 Financial for $403 million. But another financial institution, Home BancShares of Conway, Ark., has been busy acquiring banks on the Gulf Coast and throughout the state, too.

Because of its shale oil and natural gas deposits, Arkansas' economy benefited from the commodities boom during the downturn. Its conservatively managed banks were able to raise capital and expand into neighboring states and into Florida following the recession, snapping up failed and struggling banks.