Arkansas-based bank acquires three bank branches in Macon

The former three CertusBank branches in Macon that Community & Southern Bank acquired earlier this month have already changed hands.

Little Rock, Arkansas-based Bank of the Ozarks Inc. acquired Atlanta-based Community & Southern Holdings Inc. and its bank subsidiary, Community & Southern Bank. The all-stock transaction was valued at about $800 million, or about $20.50 per fully diluted CSB share, according to a news release.

Community & Southern Holdings, established in 2010, had completed 14 acquisitions prior to acquiring CertusBank locations, resulting in 47 Georgia banking offices and one Jacksonville, Florida banking office.

Following the Bank of the Ozarks acquisition, the bank will have 75 locations in Georgia and 11 in Florida.

"Our customers in Georgia and Florida will benefit from our great combined team, our expanded network of banking offices and enhanced services," George Gleason, chairman of the board and CEO of Bank of the Ozarks, said in the release.

This is the 14th acquisition for Bank of the Ozarks since March 2010 and its largest transaction to date. According to data from SNL Financial, this acquisition, both in total assets and in purchase price, is the largest ever by an Arkansas bank.

To contact writer Linda S. Morris, call 744-4223 or follow her on Twitter@MidGaBiz.

This story was originally published October 29, 2015 at 4:24 PM with the headline "Arkansas-based bank acquires three bank branches in Macon ."