Bank of the Ozarks to Acquire John R. Taylor Financial Group, Inc.

FORT SMITH, Ark.--(BUSINESS WIRE)--Sept. 21, 1998--Bank of the Ozarks, Inc. (NASDAQ: OZRK) today announced execution of a definitive agreement to acquire John R. Taylor Financial Group, Inc., an investment firm headquartered in Fort Smith, Arkansas. Taylor Financial Group is a licensed broker/dealer with over 3,800 customer accounts and customer assets totaling in excess of $270 million.

Bank of the Ozarks Chairman and Chief Executive Officer George Gleason stated, "This acquisition represents an important expansion of our product line. With this new subsidiary we will offer extensive investment services including financial planning, discount brokerage, full-service brokerage and employee benefit plans to customers throughout our trade area. In the near future we expect to expand the services offered to include investment advisory services and limited underwriting of debt securities. These products are an important benefit to our customers and should give us significant competitive advantages in a number of markets. John Taylor and his company have a reputation for outstanding customer service and the highest standards of integrity. We are proud to have them as part of the Bank of the Ozarks family."

Taylor Financial Group President John Taylor said, "We are very excited about the opportunities this partnership gives us to reach a much larger customer base throughout western, central and northern Arkansas. Bank of the Ozarks is an Arkansas based company that shares our philosophies and values and is committed to its customers. This partnership allows us to provide a full range of financial services, distinguishing us among Arkansas financial services firms. Bank of the Ozarks has outstanding capabilities, particularly in the areas of commercial and mortgage lending and very competitive CD and money market products. We are confident our customers will benefit from this affiliation."

The transaction will be accounted for as a pooling of interests with the shareholders of Taylor Financial Group receiving shares of Bank of the Ozarks, Inc. common stock in exchange for their outstanding shares. Following the merger, Taylor Financial Group will operate as a wholly owned subsidiary of Bank of the Ozarks, Inc. under the name Taylor Ozarks Investments, Inc. Closing of the transaction is subject to certain regulatory approvals and is expected to occur in the fourth quarter of 1998. John Taylor will continue as President and Chief Executive Officer of the new subsidiary and Dane Fulmer will continue as Executive Vice President. The company intends to retain all existing officers and employees of Taylor Financial Group.

Bank of the Ozarks Chief Financial Officer, Paul Moore, stated, "The transaction is not expected to have a material impact on 1998 operating results, but will result in fourth quarter charges for certain acquisition and related costs estimated at $.01 to $.02 per share. The Company believes the transaction will be accretive to 1999 earnings."

Bank of the Ozarks recently completed construction of its new 22,500 square foot western division headquarters in Fort Smith. Following closing of the acquisition, Taylor Ozarks Investments, Inc. plans to relocate its Fort Smith operations to the second floor of this facility. Plans are for the investment subsidiary to expand from the Fort Smith area to the company's Little Rock headquarters and the new Harrison northern division headquarters in 1999 allowing it to serve customers throughout the Company's trade area.

General

This release may contain forward looking statements regarding future events, including the company's growth and expansion plans and their effect on operating results as well as other forecasts and statements of expectations regarding operating performance. Actual results may differ materially from those projected in such forward looking statements, due, among other things, to those factors identified in Management's Discussion and Analysis under the caption "Forward Looking Information" contained in the company's 1997 Annual Report to Stockholders and the most recent Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission.

Bank of the Ozarks, Inc. trades on the NASDAQ National Market under the symbol "OZRK". The Company owns two state chartered subsidiary banks and one federal savings bank that conduct banking operations through 19 offices in fourteen communities throughout northern, western and central Arkansas. The Company has total assets in excess of $500 million. The Company's corporate offices are located at 12615 Chenal Parkway, Little Rock, Arkansas 72211, Telephone [phone].