Item 8.01. Other Events.
On November 9, 2015, C1 Financial,
Inc. (“C1”) and Bank of the Ozarks, Inc. (“OZRK”) announced that they had entered into a merger agreement
pursuant to which C1 would be merged into OZRK (the “Merger”) subject to certain conditions being satisfied including
the receipt of necessary regulatory approvals for the Merger and the related merger (the “Bank Merger”) of C1 Bank,
a wholly owned subsidiary of C1, with and into Bank of the Ozarks, a wholly owned subsidiary of OZRK. On May 12, 2016, the
approval of the Federal Deposit Insurance Corporation for the Bank Merger was received. The approval of the Arkansas State
Bank Department had previously been received. As a result, the only remaining regulatory approval for the Merger is the approval
of the Federal Reserve Bank. OZRK has announced that it expects to receive this approval by the end of the second quarter
of 2016 and that once this approval is received it expects to announce the closing date for the Merger.
CAUTION ABOUT FORWARD-LOOKING STATEMENTS
This communication contains certain forward-looking information
about C1 and OZRK that is intended to be covered by the safe harbor for “forward-looking statements” provided by the
Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact are forward-looking statements.
In some cases, you can identify forward-looking statements by words such as “may,” “hope,” “will,”
“should,” “expect,” “plan,” “anticipate,” “intend,” “believe,”
“estimate,” “predict,” “potential,” “continue,” “could,” “future”
or the negative of those terms or other words of similar meaning. These forward-looking statements include, without limitation,
statements relating to the terms and closing of the proposed transaction between C1 and OZRK, the proposed impact of the merger
on OZRK’s financial results, including any expected increase in OZRK’s book value and tangible book value per common
share and any expected increase in diluted earnings per common share, acceptance by C1’s customers of OZRK’s products
and services, the opportunities to enhance market share in certain markets, market acceptance of OZRK generally in new markets,
and the integration of C1’s operations. You should carefully read forward-looking statements, including statements that contain
these words, because they discuss the future expectations or state other “forward-looking” information about C1 and
OZRK. A number of important factors could cause actual results or events to differ materially from those indicated by such forward-looking
statements, many of which are beyond the parties’ control, including the parties’ ability to consummate the transaction
or satisfy the conditions to the completion of the transaction, including the receipt of regulatory approvals required for the
transaction on the terms expected or on the anticipated schedule; the parties’ ability to meet expectations regarding the
timing, completion and accounting and tax treatments of the transaction; the possibility that any of the anticipated benefits of
the proposed merger will not be realized or will not be realized within the expected time period; the risk that integration of
C1’s operations with those of OZRK will be materially delayed or will be more costly or difficult than expected; the failure
of the proposed merger to close for any other reason; the effect of the announcement of the merger on customer relationships and
operating results (including, without limitation, difficulties in maintaining relationships with employees or customers); dilution
caused by OZRK’s issuance of additional shares of its common stock in connection with the merger; the possibility that the
merger may be more expensive to complete than anticipated, including as a result of unexpected factors or events; the diversion
of management time on transaction related issues; general competitive, economic, political and market conditions and fluctuations;
changes in the regulatory environment; changes in the economy affecting real estate values; C1’s ability to achieve loan
and deposit growth; projected population and income growth in C1’s targeted market areas; volatility and direction of market
interest rates and a weakening of the economy which could materially impact credit quality trends and the ability to generate loans;
and the other factors described in C1’s Annual Report on Form 10-K for the fiscal year ended December 31, 2015 filed with
the SEC or OZRK’s Annual Report on Form 10-K for the fiscal year ended December 31, 2015 filed with the SEC. C1 and OZRK
assume no obligation to update the information in this communication, except as otherwise required by law. Readers are cautioned
not to place undue reliance on these forward-looking statements, all of which speak only as of the date hereof.
