Merchants & & Marine Bank(” M&M Bank” )an entirely owned subsidiary of Merchants & & Marine Bancorp, Inc. (OTC QX: “MNMB”) today announced that M&M Bank and Bank OZK (NASDAQ: OZK) have participated in a conclusive agreement for M&M Bank to obtain Bank OZK’s Mobile, Alabama workplace located at 6161 Airport Boulevard, Mobile, AL. As a part of the transaction, M&M Bank will presume all of the deposits of the Mobile office and acquire certain loans and other properties.
M&M Bank President & & CEO Clayton Legear commented, “We are thrilled to have this opportunity to expand into the vibrant Mobile, Alabama market in such a significant method. M&M Bank has deep roots on the Gulf Coast, a lot of which go through Mobile. This acquisition will permit us to construct on our already strong presence in surrounding locations as we seek to help M&M Bank, our customers, and the neighborhoods we call home flourish. We look forward to partnering with the talented group of lenders who will be joining our group through this deal to serve the Mobile neighborhood.”
The branch deal is subject to approval by federal and state bank regulators and to complete satisfaction of other popular closing conditions. As soon as the transaction closes, the Mobile Bank OZK office will become a workplace of M&M Bank. Customers of the Mobile workplace should continue performing organisation as typical at Bank OZK, including utilizing their very same checks, debit cards and electronic banking services up until the deal is closed. M&M Bank will supply advance notification and information to all clients worrying their accounts prior to the deal closing, which is anticipated to take place in the fourth quarter of 2020.