Bank of Ozarks to purchase Bancshares, Inc. - KATV - Breaking News, Weather and Razorback Sports

Bank of Ozarks to purchase Bancshares, Inc.

Posted: Updated:

 LITTLE ROCK, Ark. (AP) - Little Rock-based Bank of the Ozarks says it has reached an agreement to acquire Bancshares, Inc. of Houston.

 Bank of the Ozarks said Monday that it will purchase all the outstanding common stock of Bancshares in a deal estimated about $23 million.

 The agreement has been approved by the board of directors of both Bank of the Ozarks and Bancshares and is subject to regulatory approval and approval by the shareholders of Bancshares. The transaction is expected to close during the first quarter of 2014.

(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)