Finance

Lender of the Ozarks strategies to adjust its title

August 2, 2019

Publicly held Lender of the Ozarks of Tiny Rock, the state’s biggest loan company, will adjust its title afterwards this yr to Lender OZK.

The rebranding requirements to be accredited by shareholders, who will vote on the proposal at their once-a-year conference Might seven.

In a assertion, chairman and CEO George Gleason stated the new title will be a advantage as the organization proceeds to broaden into new marketplaces.

“Bank OZK is a new title reflecting the two our prosperous heritage and heritage and our determination to be a chief in engineering and innovation as we broaden throughout the United States,” Gleason stated. “Bank OZK retains the brand name fairness we have produced above our 115-yr heritage and our 21 a long time of excellent overall performance as a community organization. At the exact same time, it frees us from the limits of a title tied to a distinct geographic location.”

Lender of the Ozarks went community in 1997 with $307 million in property. It now has $21.three billion in property (as of Dec. 31), 254 workplaces in 10 states and is the 58th biggest financial institution in the country primarily based on whole property.

If shareholders approve the proposal, pending regulatory acceptance, the financial institution anticipates the title adjust will just take impact July 16.

Shares of Lender of the Ozarks shut Thursday at $51.51, up $.16. In the previous 52 months, the inventory has traded in between $40.15 and $54.95.

Pursuing the title adjust, the financial institution anticipates it will carry on to be detailed on the NASDAQ, but with a new ticker image — OZK.

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