C1 Financial Inc., based in St. Petersburg, Florida, recently revealed that following a special meeting, its shareholders overwhelmingly approved a merger agreement with Bank of the Ozarks Inc., an institution headquartered in Little Rock, Arkansas.
Bank of the Ozarks operates branches primarily throughout the Dallas Metroplex, central and northwest Arkansas, Charlotte, North Carolina and parts of Georgia, as well as in Alabama, Florida, New York and California.
The vast majority of outstanding shares of C1 common stock voted to approve the merger agreement. With over 99.7 percent of the votes favoring the decision — representing approximately 83.51 percent of outstanding shares as of Jan. 29, the meeting’s date of record — the transaction is anticipated to close at the end of the first quarter or early in the second quarter of 2016.
C1 Financial Inc. operates 32 banking branches and one loan production office on Florida’s Gulf Coast and in Miami-Dade, Broward and Orange counties in the southeastern portion of the state.
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