Bank Of The Ozarks Absorbs Chestatee State Bank

Bank of the Ozarks has entered into a purchase and assumption agreement, including loss-share arrangements, with the Federal Deposit Insurance Corp. (FDIC) to purchase substantially all of the assets and to assume all of the deposits and certain other liabilities of Chestatee State Bank of Dawsonville, Ga.

As a result of this agreement, Bank of the Ozarks has expanded its banking footprint in Georgia to 10 offices. Bank of the Ozarks previously acquired five north Georgia banking offices in March 2010 and a Savannah, Ga., office in July 2010.

Chestatee State Bank operated four banking offices in north central Georgia, including offices in Dawsonville, Cumming and Marble Hill.

SOURCE: Bank of the Ozarks


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