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 June 28, 2016, the approval of the Federal Reserve Bank for the Bank Merger was received. As a result, all regulatory
approvals for the Merger have been received. OZRK has announced that it expects to close the Merger on or about July 21,
2016, subject to the satisfaction of the other closing conditions of 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.