Arkansas lender buys C1 Bank in $402M deal

ST. PETERSBURG — Bank of the Ozarks, a lender growing fast on the Gulf Coast, has acquired a prize asset: C1 Bank.

The all-stock transaction, of C1 Financial Inc. and C1 Bank, its wholly owned subsidiary, is valued at roughly $402.5 million, or $25 per C1 share, according to a release. Under the agreement, each holder of outstanding shares of C1 stock will receive shares of common Ozark stock. The deal is expected to close by the second quarter.