Federal and state regulators have approved First National Bank’s purchase by an Arkansas-based company, and First National shareholders are expected to vote on the deal in the coming weeks.
“We are expecting to have our registrations through the SEC effective in the next week or so. That will allow mailing proxy materials to Shelby First National shareholders to hold their meeting and for approval,” said George Gleason, CEO of Bank of the Ozarks, which is acquiring First National in a $67 million deal.
“Subject to (First National) shareholders’ approval, we would anticipate a final closing sometime during the month of July,” Gleason said.
That would mean a change in ownership of one of the longest-standing Cleveland County businesses would be on schedule, as late second quarter or early third quarter of this year was the forecast for the transaction to become official.
First National Bank officials did not return a call for comment in time for this story.
Bank of the Ozarks announced in January its plans to acquire First National, which employed 200 people at 14 locations at the time of the sale.
Gleason told The Star in February that his bank plans to retain most current First National employees, but he’s said it is “too soon” to discuss the reorganization of some of the local branches’ leadership jobs.
He has said Cleveland County residents will notice quick changes to bank signage and other product insignia once First National officially becomes part of Bank of the Ozarks.
“In a transaction sometimes with just a small number of branches, we’ll change the signs on the night of the closing of the transaction,” he told The Star in February. “When the transaction’s closed, the bank’s name needs to be there.”
Bank change timeline
Jan. 24 — Bank of the Ozarks announces its intentions to acquire First National Bank.
April — Federal Reserve, Federal Deposit Insurance Corporation and Arkansas State Bank Department give approval to buyout.
May — Securities and Exchange Commission registration expected.
May/June — First National shareholders vote expected.
July — Final closing of deal expected.