8-K

UNITED STATESSECURITIES AND EXCHANGE COMMISSIONWASHINGTON, DC 20549FORM 8-KCURRENT REPORTPursuant to Section 13 or 15(d) of theSecurities Exchange Act of 1934Date of report (Date of earliest event reported):        November 4, 2009Bank of the Ozarks, Inc.(Exact name of registrant as specified in its charter)Arkansas(State or other jurisdiction of incorporation)

0-22759	71-0556208
(Commission File Number)	(IRS Employer Identification No.)

17901 Chenal Parkway, Little Rock, Arkansas	72223
(Address of principal executive offices)	(Zip Code)

(501) 978-2265(Registrant’s telephone number, including area code)Not Applicable(Former name or former address, if changed since last report)

Check the appropriate box below if the form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2.):

⃞ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

⃞ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

⃞ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

⃞ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 1.01 Entry into a Material Definitive Agreement.

On December 12, 2008, in connection with the Troubled Asset Relief Program, Bank of the Ozarks, Inc. (the “Company”) entered into a Letter Agreement and Securities Purchase Agreement (the “Letter Agreement”) with the United States Department of the Treasury (the “Treasury”), pursuant to which the Company (i) sold 75,000 shares of its Series A Preferred Stock (the “Preferred Stock”) for a purchase price of $75,000,000, and (ii) issued a warrant (the “Warrant”) to the Treasury to purchase 379,811 shares of the Company’s common stock, par value $0.01 per share (the “Common Stock”), for a price of $29.62 per share.  Upon issuance of its Preferred Stock to the Treasury, the ability of the Company to declare and pay increased dividends on or repurchase, redeem or otherwise acquire shares of its common stock became restricted in accordance with the terms of the Letter Agreement.  

On November 4, 2009, the Company redeemed the Preferred Stock from the Treasury, and returned to the Treasury the original investment amount of $75,000,000 plus accrued and unpaid dividends thereon.  As a result of the redemption of the Preferred Stock, the restrictions noted in the preceding paragraph have been terminated.  In connection with this transaction, the Company and the Treasury entered into a Letter Agreement dated November 4, 2009 (the “Redemption Letter Agreement”), a copy of which is filed as Exhibit 10.1 hereto and is incorporated herein by this reference into this Item 1.01.  Pursuant to the terms of the Redemption Letter Agreement, the Company has fifteen calendar days from November 4, 2009 to notify the Treasury whether it will repurchase the Warrant from the Treasury. Subsequent to the redemption of the Preferred Stock, the Company notified the Treasury that it desired to repurchase the Warrant, and submitted an offer to the Treasury therefor.  The price for the repurchase of the Warrant will be subject to negotiation, and there can be no assurance that a price will be agreed to and that the Warrant will be repurchased.  

Item 7.01 Regulation FD Disclosure.

On November 4, 2009, the Company issued a press release announcing that it redeemed all of the Preferred Stock issued to the Treasury pursuant to the transaction described in Item 1.01 of this Form 8-K.  A copy of the press release is attached as Exhibit 99.1 to this report and is incorporated herein by this reference into this Item 7.01.  The information in the preceding sentence, including Exhibit 99.1, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liability of that Section, nor shall it be incorporated by reference in any filing under the Securities Act of 1933, as amended.

Item 9.01 Financial Statements and Exhibits.

(d)	Exhibits
	10.1	Redemption Letter Agreement, dated November 4, 2009, by and between Bank of the Ozarks, Inc. and the United States Department of the Treasury.
	99.1	Press Release dated November 4, 2009: Bank of the Ozarks, Inc. Announces Redemption of all Series A Preferred Stock*
		*This exhibit is furnished by the Company and is not “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended.  See Item 7.01.

SIGNATURES

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.
		(Registrant)
Date:	November 4, 2009	/s/ Paul Moore
		Paul Moore
		Chief Financial Officer    and Chief Accounting Officer

Exhibit No.	Document Description
10.1	Redemption Letter Agreement, dated November 4, 2009, by and between Bank of the Ozarks, Inc. and the United States Department of the Treasury.
99.1	Press Release dated November 4, 2009: Bank of the Ozarks, Inc. Announces Redemption of all Series A Preferred Stock

EX-10.1

Exhibit 10.1

UNITED STATES DEPARTMENT OF THE TREASURY
1500 Pennsylvania Avenue, NW
Washington, D.C. 20220

November 4, 2009

Ladies and Gentlemen:

Reference is made to that certain Letter Agreement incorporating the Securities Purchase Agreement – Standard Terms (the “Securities Purchase Agreement”), dated as of the date set forth on Schedule A hereto, between the United States Department of the Treasury (the “Investor”) and the company set forth on Schedule A hereto (the “Company”).  Capitalized terms used but not defined herein shall have the meanings assigned to them in the Securities Purchase Agreement.  Pursuant to the Securities Purchase Agreement, at the Closing, the Company issued to the Investor the number of shares of the series of its preferred stock set forth on Schedule A hereto (the “Preferred Shares”) and a warrant to purchase the number of shares of its common stock set forth on Schedule A hereto (the “Warrant”).   

In connection with the consummation of the repurchase (the “Repurchase”) by the Company from the Investor, on the date hereof, of the number of Preferred Shares listed on Schedule A hereto (the “Repurchased Preferred Shares”), as permitted by the Emergency Economic Stabilization Act of 2008, as amended by the American Recovery and Reinvestment Act of 2009:

(a)      The Company hereby acknowledges receipt from the Investor of the share certificate(s) set forth on Schedule A hereto representing the Preferred Shares; and

(b)       The Investor hereby acknowledges receipt from the Company of a wire transfer to the account of the Investor set forth on Schedule A hereto in immediately available funds of the aggregate purchase price set forth on Schedule A hereto, representing payment in full for the Repurchased Preferred Shares at a price per share equal to the Liquidation Amount per share, together with any accrued and unpaid dividends to, but excluding, the date hereof.

The Investor and the Company hereby agree that, notwithstanding Section 4.4 of the Securities Purchase Agreement, immediately following consummation of the Repurchase, but subject to compliance with applicable securities laws, the Investor shall be permitted to Transfer all or a portion of the Warrant or Substitute Warrant (as defined below) with respect to, and/or exercise the Warrant or Substitute Warrant for, all or a portion of the number of shares of Common Stock issuable thereunder, at any time and without limitation, and Section 4.4 of the Securities Purchase Agreement shall be deemed to be amended in order to permit the foregoing.

The Company shall take all steps as may be reasonably requested by the Investor to facilitate any such Transfer.

In addition, the Company agrees that within 15 calendar days of the date hereof the Company shall either (a) deliver to the Investor a notice of intent to repurchase the Warrant in accordance with Section 4.9(b) of the Securities Purchase Agreement (the “Warrant Repurchase Notice”), or (b) issue and deliver to the Investor a new warrant, in substantially the form of the Warrant, except with the deletion of Section 13(H) thereof, to purchase the number of shares of Common Stock into which the Warrant is then exercisable (the “Substitute Warrant”), which Substitute Warrant shall be deemed the “Warrant” for all purposes under the Securities Purchase Agreement.

In the event that the Company delivers a Warrant Repurchase Notice and the Company and the Investor fail to agree on the Fair Market Value of the Warrant pursuant to the procedures (including the Appraisal Procedure), and in accordance with the time periods, set forth in Section 4.9(c) of the Securities Purchase Agreement or the Company revokes the delivery of such Warrant Repurchase Notice, then the Company shall deliver a Substitute Warrant to the Investor within 5 calendar days of the earlier of the failure to agree on the Fair Market Value and the revocation of the Warrant Repurchase Notice.

Effective as of the date of receipt of the Substitute Warrant, if applicable, the Investor hereby provides notice, pursuant to Section 4.5(p) of the Securities Purchase Agreement, of its intention to sell the Substitute Warrant.

This letter agreement will be governed by and construed in accordance with the federal law of the United States if and to the extent such law is applicable, and otherwise in accordance with the laws of the State of New York applicable to contracts made and to be performed entirely within such State.

This letter agreement may be executed in any number of separate counterparts, each such counterpart being deemed to be an original instrument, and all such counterparts will together constitute the same agreement.  Executed signature pages to this letter agreement may be delivered by facsimile and such facsimiles will be deemed sufficient as if actual signature pages had been delivered.

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In witness whereof, the parties have duly executed this letter agreement as of the date first written above.

UNITED STATES DEPARTMENT OF

THE TREASURY

By:

Name:

Title:

BANK OF THE OZARKS, INC.

By:

Name:

Title:

EX-99.1

Exhibit 99.1

Bank of the Ozarks, Inc. AnnouncesRedemption of All Series A Preferred Stock

LITTLE ROCK, Ark.--(BUSINESS WIRE)--November 4, 2009--Bank of the Ozarks, Inc. (“Company”) (NASDAQ: OZRK) announced that earlier today it redeemed for $75 million, plus accrued and unpaid dividends all of its Series A Preferred Stock previously issued to the U.S. Department of the Treasury (“Treasury”) pursuant to the Capital Purchase Program of the Troubled Asset Relief Program. The Company also submitted an offer to repurchase from the Treasury the warrant for 379,811 shares of the Company’s common stock, which warrant was issued in conjunction with the Series A Preferred Stock.

Bank of the Ozarks, Inc. Chairman and Chief Executive Officer George Gleason stated, “Our Company has been well capitalized by all applicable regulatory measures for many years, and we are well capitalized following the redemption of the Series A Preferred Stock. As a result of our excellent earnings in recent years and quarters, our ratio of tangible common equity to tangible assets has increased to 9.29% at September 30, 2009, which is its highest level in many years. Our strong capital position and favorable earnings allowed us to redeem the Series A Preferred Stock without having to issue any additional common stock or other equity, and we have capital to take advantage of strategic opportunities, including possible FDIC-assisted acquisitions of failed financial institutions.”

The Company has achieved record net income in eleven of its twelve years as a public company, including the last eight consecutive years. During the first nine months of 2009, the Company’s net income available to common stockholders was $27.2 million, a 7.1% increase compared to the first nine months of 2008. For the nine months ended September 30, 2009, the Company’s annualized return on average assets was 1.19% and its annualized return on average common stockholders’ equity was 13.64%.

The Company will incur $3.0 million of charges in the fourth quarter of 2009 related to the Series A Preferred Stock, including $0.3 million of preferred dividend and $2.7 million related to the previously unamortized discount on the Series A Preferred Stock. These charges are not deductible for tax purposes. Such charges will be substantially offset by securities gains totaling $4.0 million pre-tax, or $2.5 million after tax, realized during the first five weeks of the fourth quarter. Repayment of the Series A Preferred Stock will eliminate in future quarters the non tax deductible quarterly cost of the Series A Preferred Stock dividend and discount amortization which averaged $1.1 million per quarter during the first three quarters of 2009.

FORWARD LOOKING STATEMENTS

This release contains forward looking statements regarding the Company’s plans, expectations, beliefs, goals and outlook for the future, including the Company’s planned repurchase of the warrant for 379,811 shares of its common stock from the Treasury, the expected impact of the Series A Preferred Stock redemption on fourth quarter 2009 earnings and earnings in future quarters, and the potential to take advantage of strategic opportunities, including possible FDIC-assisted acquisitions of failed financial institutions. Actual results may differ materially from those projected in such forward looking statements due to various factors including those identified in Management’s Discussion and Analysis under the caption “Forward Looking Information” contained in the Company’s 2008 Annual Report to Stockholders and the most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission.

GENERAL INFORMATION

Bank of the Ozarks, Inc. is a bank holding company with $2.9 billion in total assets as of September 30, 2009 and trades on the NASDAQ Global Select Market under the symbol “OZRK”. The Company owns a state-chartered subsidiary bank that conducts banking operations through 73 offices, including 66 banking offices in 34 communities throughout northern, western and central Arkansas, six Texas banking offices, and a loan production office in Charlotte, North Carolina. The Company may be contacted at (501) 978-2265 or P. O. Box 8811, Little Rock, Arkansas 72231-8811. The Company’s website is: www.bankozarks.com.

CONTACT:
Bank of the Ozarks, Inc.
Susan Blair, 501-978-2217