Home » NEWS » Banking & Finance » M&M Bank announces agreement to acquire Mobile, Alabama branch from Bank OZK

M&M Bank announces agreement to acquire Mobile, Alabama branch from Bank OZK

Merchants & Marine Bank (“M&M Bank”) a wholly owned subsidiary of Merchants & Marine Bancorp, Inc. (OTC QX: “MNMB”) today announced that M&M Bank and Bank OZK (NASDAQ: OZK) have entered into a definitive agreement for M&M Bank to acquire Bank OZK’s Mobile, Alabama office located at 6161 Airport Boulevard, Mobile, AL. As a part of the transaction, M&M Bank will assume all of the deposits of the Mobile office and acquire certain loans and other assets.

M&M Bank President & CEO Clayton Legear commented, “We are thrilled to have this opportunity to expand into the dynamic Mobile, Alabama market in such a meaningful way. M&M Bank has deep roots on the Gulf Coast, many of which run through Mobile. This acquisition will allow us to build on our already strong presence in neighboring areas as we seek to help M&M Bank, our clients, and the communities we call home thrive. We look forward to partnering with the talented group of bankers who will be joining our team through this transaction to serve the Mobile community.”

The branch transaction is subject to approval by federal and state bank regulators and to satisfaction of other customary closing conditions. Once the transaction closes, the Mobile Bank OZK office will become an office of M&M Bank. Clients of the Mobile office should continue conducting business as usual at Bank OZK, including using their same checks, debit cards and online banking services until the transaction is closed. M&M Bank will provide advance notice and information to all clients concerning their accounts prior to the transaction closing, which is expected to occur in the fourth quarter of 2020.

BEFORE YOU GO…

… we’d like to ask for your support. More people are reading the Mississippi Business Journal than ever before, but advertising revenues for all conventional media are falling fast. Unlike many, we do not use a pay wall, because we want to continue providing Mississippi’s most comprehensive business news each and every day. But that takes time, money and hard work. We do it because it is important to us … and equally important to you, if you value the flow of trustworthy news and information which have always kept America strong and free for more than 200 years.

If those who read our content will help fund it, we can continue to bring you the very best in news and information. Please consider joining us as a valued member, or if you prefer, make a one-time contribution.

Click for more info

About MBJ Newswires