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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C., 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
July 21, 1998
Date of Report (Date of earliest event reported)
Bank of the Ozarks, Inc.
(Exact name of registrant as specified in its charter)
Arkansas 0-22759 71-0556208
(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification No.)
incorporation)
12615 Chenal Parkway, Little Rock, Arkansas 72211
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (501) 978-2265
425 West Capitol Avenue, Suite 3100, Little Rock, Arkansas 72201
(Former name or address, if changed since last report)
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ITEM 4. CHANGES IN REGISTRANT'S CERTIFYING ACCOUNTANTS
On July 21, 1998, the Board of Directors of Bank of the Ozarks, Inc. (the
"Company") ratified the approval by the Audit Committee of the Board to engage
Ernst & Young LLP as the independent auditors for Company. Ernst & Young will
replace the Company's existing auditors, Moore Stephens Frost.
During the two fiscal years ended December 31, 1997 and the subsequent interim
period through June 30, 1998, (i) there were no disagreements with Moore
Stephens Frost on any matter of accounting principles or practices, financial
statement disclosure, or auditing scope or procedures, which disagreements if
not resolved to its satisfaction would have caused it to make reference in
connection with its report to the subject matter of the disagreement, and (ii)
Moore Stephens Frost has not advised the registrant of any reportable events as
defined in paragraph (A) through (D) of Registration S-K Item 304 (a) (1) (v).
The Accountant's report of Moore Stephens Frost on the consolidated financial
statements of Bank of the Ozarks, Inc. and subsidiaries as of and for the years
ended December 31, 1997 and December 31, 1996 did not contain any adverse
opinion or disclaimer of opinion, and was not qualified or modified as to
uncertainty, audit scope, or accounting principles. A letter from Moore
Stephens Frost is attached as Exhibit 16.
During the second quarter of 1998, Bank of the Ozarks, Inc. consulted with Ernst
& Young LLP to obtain its oral advice on the availability of pooling-of-
interests treatment for a possible acquisition that was never consummated. Bank
of the Ozarks, Inc. had also obtained the oral advice of Moore Stephens Frost on
this issue, and the oral advice of both Moore Stephens Frost and Ernst & Young
LLP were consistent regarding the availability of pooling-of-interests treatment
for such transaction.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
A. Exhibits:
Exhibit 16. Letter re change in certifying accountants.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
Bank of the Ozarks, Inc.
Date: July 24, 1998 By: /s/ Paul E. Moore
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Paul E. Moore
Chief Financial Officer
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Exhibit 16
[Moore Stephens Frost]
July 23, 1998
Securities and Exchange Commission
Washington, D.C. 20549
Ladies and Gentlemen:
We were previously principal accountants for Bank of the Ozarks, Inc. and,
under the date of January 28, 1998, we reported on the consolidated financial
statements of Bank of the Ozarks, Inc. and subsidiaries as of and for the years
ended December 31, 1997 and December 31, 1996. On July 21, 1998, our
appointment as principal accountants was terminated. We have read Bank of the
Ozarks, Inc.'s statements included under Item 4 of its Form 8-K, dated July 21,
1998, and we agree with such statements, except we are not in a position to
agree or disagree with the statement that the Board of Directors approved the
recommendation by the Audit Committee of the Board of Directors to engage Ernst
& Young LLP as the independent accountant for the Bank of the Ozarks, Inc.
Sincerely,
/s/ Moore Stephens Frost
Moore Stephens Frost
Certified Public Accountants
