Davis Polk is advising C1 Financial, Inc. (“C1”) on its acquisition by Bank of the Ozarks, Inc. (“OZRK”). Upon the closing of the transaction, C1 and its wholly owned subsidiary, C1 Bank, will merge into OZRK in an all-stock transaction valued at approximately $402.5 million. Completion of the transaction is subject to certain closing conditions, including customary regulatory approvals and approval by C1 shareholders. The transaction is expected to close late in the first quarter of 2016 or early in the second quarter of 2016.
C1, headquartered in St. Petersburg, Florida, operates 32 Florida banking offices on the west coast of Florida and in Miami-Dade and Orange Counties. The majority of the offices are located in Florida’s top six metropolitan markets. At September 30, 2015, C1 had approximately $1.7 billion of total assets, $1.4 billion of loans and $1.3 billion of deposits.
The Davis Polk corporate team includes partner William L. Taylor and associates Laura C. Turano and Elyka Anvari. Partner Manuel Garciadiaz is providing general corporate advice. Partner Kyoko Takahashi Lin and associate Florentino Salazar are providing executive compensation advice. Partner Michael Mollerus is providing tax advice. Partner Luigi L. De Ghenghi is providing bank regulatory advice. Members of the Davis Polk team are based in the New York and São Paulo offices.