LITTLE ROCK - Bank of the Ozarks announced today that it intends to change its name to Bank OZK as part of a strategic rebranding. The Bank proposed the name change in its proxy materials for the 2018 annual meeting of shareholders to be held on May 7, 2018. The Bank’s shareholders will vote on the proposal at the annual meeting.
The Bank’s presence and brand have evolved in recent decades from an Arkansas community bank into a much larger regional bank with nationwide lending businesses. The Bank believes the new name will be beneficial in achieving its long-term objectives, including continued growth and expansion in new markets.
George Gleason, Chairman and Chief Executive Officer, stated, “Bank OZK is a new name reflecting both our rich heritage and history and our commitment to be a leader in technology and innovation as we expand across the United States. Bank OZK retains the brand equity we have developed over our 115-year history and our 21 years of outstanding performance as a public company. At the same time, it frees us from the limitations of a name tied to a specific geographic region.”
Since going public in 1997, the Bank’s total assets have grown from $307 million to $21.3 billion as of December 31, 2017, and it has expanded to 254 offices in 10 states. The Bank’s Real Estate Specialties Group and Indirect Marine/RV Lending Division serve customers throughout major markets across the United States.
The Bank has been recognized by leading industry publications as the nation’s number one performing bank in its asset size for each of the past seven years. According to data from S&P Global Market Intelligence,1 Bank of the Ozarks is the 58thlargest bank in the nation based on total assets as of December 31, 2017, and ranked 31st based on total net income for 2017.
Gleason stated, “This is an exciting time at Bank of the Ozarks as we continue to provide best-in-class experiences and innovation to our customers, while embracing our new name, evolving technology solutions and a larger role in the nation’s banking landscape.”
The results of the shareholder vote on the proposed new name will be announced following the Bank’s annual shareholders’ meeting on May 7, 2018. If approved by shareholders, the Bank expects to file an application with the Arkansas State Bank Department seeking its approval of the name change. Assuming regulatory approval is obtained, the Bank anticipates the name change will take effect on July 16, 2018.
The Bank intends to adopt a new logo and signage in connection with the name change, but does not expect any interruption or inconvenience to customers because of the change. The Bank estimates that it will incur one-time expenses totaling between $15 million and $25 million, pre-tax, during the third quarter of 2018 due to the change in its name, primarily related to marketing, rebranding and other related expenses.
The Bank’s common stock currently trades on the NASDAQ Global Select Market under the ticker symbol “OZRK.” Assuming the name change becomes effective, the Bank anticipates that its common stock will continue to be listed on the NASDAQ Global Select Market under a new ticker symbol, “OZK,” which the Bank has reserved.
The Bank has launched a special web page where individuals can learn more about the name change: www.ozk.com.