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Merchants and Marine Bank to Acquire Alabama Branch of Bank OZK
Tuesday 07 July 2020

US-based Merchants and Marine Bank (M and M Bank) has agreed to acquire the Alabama office of Bank OZK (NASDAQ: OZK), assuming deposits of office and acquisition of certain loans and other assets, the company said.

Terms of the transaction were not disclosed.

M and M Bank said the acquisition will allow the company to build on its presence in neighboring areas.

The branch transaction is subject to approval by federal and state bank regulators and to satisfaction of other customary closing conditions. Once the transaction closes, the Mobile Bank OZK office will become an office of M and M Bank.

ProBank Austin served as financial advisor and Bass, Berry and Sims PLC served as legal advisor to M and M Bank in this transaction.

Merchants and Marine Bank (M and M Bank), a wholly owned subsidiary of Merchants and Marine Bancorp, Inc. (OTCQX: MNMB), is a full-service state-chartered community bank with over USD 600m in total assets.

M and M Bank operates 13 branch offices across the Mississippi and Alabama Gulf Coast and offers a full suite of traditional and electronic banking services for both personal and business clients.

Bank OZK (NASDAQ: OZK) is a regional bank providing financial solutions through more than 250 offices in 10 states including Arkansas, Georgia, Florida, North Carolina, Texas, Alabama, South Carolina, New York, California and Mississippi and had USD 24.57bn in total assets as of March 31, 2020.
Date Published: 07/07/2020