LITTLE ROCK, Arkansas – March 17, 2008 - – Bank of the Ozarks and Mainstream Technologies today announced the purchase of the historic Federal Reserve Bank Building at 325 West Capitol and the addition downtown jobs at a brief ceremony at the offices of the Downtown Partnership.
“Today’s announcement is an important component in the ongoing revitalization of downtown Little Rock,” said Sharon Priest, Executive Director of the Downtown Partnership. “Another prime downtown location will be open for business later this year.”
John Burgess, President and Co-Founder of Mainstream Technologies, said a joint real estate transaction by his company and Bank of the Ozarks negotiated by Colliers International of Arkansas has allowed the relocation of his company’s headquarters to downtown Little Rock. Mainstream Technologies will occupy the second floor of the historic Federal Reserve Bank Building, which has been renamed the Bank of the Ozarks Building.
“Plans are for our Mainstream Technologies corporate headquarters to move in approximately 120 days,” Burgess said. “This short time frame is made possible because of the existing class one data storage facility that was a part of the Federal Reserve Bank. All 31 Mainstream Technologies employees will be relocated downtown and we expect to add more than 30 new jobs over the next four to five years at this location, which will effectively double the size of our company. The move gives us the capacity to expand our operations to twice our current size.”
The second floor space that will become Mainstream Technologies’ new home includes dual fiber connections, dual power grids, UPS, a backup generator, 17,000 square feet of raised floor, 8,000 square feet protected by FM-200 fire suppression and extra dedicated air handling capacity for data center.
Jack McCray, Bank of the Ozarks Executive Vice President for Real Estate Acquisitions and Development, said although the design process is ongoing, plans are for Bank of the Ozarks to relocate about 15 employees now located at several Bank of the Ozarks locations throughout Central Arkansas.
“This move, scheduled for the fourth quarter of 2008, will allow the Professional and Executive Banking Group to continue to grow their sizable market share in downtown Little Rock, as well as allow the bank to better serve government entities including state, county, city and federal agencies,” McCray said.
The Bank of the Ozarks Building will include a retail branch with drive through and ATM amenities. Additional space at the location will be leased. Bank of the Ozarks’ current downtown branch on Chester Street will remain open for customer convenience.
The Bank of the Ozarks Building has a total of 77,860 square feet in a limestone, concrete and granite building. It sits on a 1.6-acre lot that includes three adjoining parking lots with a total of 100 striped parking spaces surrounded by an iron fence. The interior space is divided into a basement, first floor, second floor and third floor.
Based on historical information and interviews, the site has been the Federal Reserve Bank Building since 1967. Before that time several retail, service and hospitality businesses occupied the location.
About Mainstream Technologies
Mainstream Technologies (MTI) has been providing business technology solutions to companies locally and nationally since 1996. MTI collaborates with clients on strategic and operational levels to identify and develop opportunities to increase performance and profitability. Some current clients include Compliance Networks and Watts Law Firm, both Texas based companies. MTI hosts a little over 12 terabytes of total data in our data center, and this move will allow us to increase that 10 times, with a potential for a 50-time increase.
Mainstream Technologies provides a full range of products and services including: Custom Software Development; IS/IT Consulting, Services and Support; Contract Programming; Application Hosting; Disaster Planning and Recovery; Database Development; and Integration, Implementation and Migration Services. For more information, visit: www.mainstream-tech.com.
About Bank of the Ozarks
Bank of the Ozarks, Inc. is a bank holding company with $2.7 billion in total assets as of December 31, 2007 and trades on the NASDAQ Global Select Market under the symbol “OZRK.” The Company owns a state chartered subsidiary bank that conducts business in 65 Arkansas offices, five Texas offices and loan production offices in Little Rock, AR and Charlotte, NC. Committed to developing personal relationships with customers, delivering exceptional service and local decision making, Bank of the Ozarks offers personalized banking solutions. For more information, visit www.bankozarks.com.
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