FORM 4
[ X ] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).         
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES
                                                                                  
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Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940
                      

1. Name and Address of Reporting Person *

Burghardt Phillip L 		2. Issuer Name and Ticker or Trading Symbol

C1 Financial, Inc. [ BNK ] 		5. Relationship of Reporting Person(s) to Issuer (Check all applicable)

__ X __ Director                      _____ 10% Owner
_____ Officer (give title below)      _____ Other (specify below)
(Last)          (First)          (Middle)

C/O C1 FINANCIAL, INC., 100 5TH STREET SOUTH 		3. Date of Earliest Transaction (MM/DD/YYYY)

7/21/2016
(Street)

ST. PETERSBURG, FL 33701
(City)        (State)        (Zip)
4. If Amendment, Date Original Filed (MM/DD/YYYY)

 
6. Individual or Joint/Group Filing (Check Applicable Line)

_ X _ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3) 		2. Trans. Date 2A. Deemed Execution Date, if any 3. Trans. Code
(Instr. 8) 		4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5) 		5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4) 		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V Amount (A) or (D) Price
Common Stock   7/21/2016     D    120369   D   (1) 0   D    
Common Stock   7/21/2016     D    62710   D   (1) 0   I   By PDG Electric, LLP   (2)

Table II - Derivative Securities Beneficially Owned ( e.g. , puts, calls, warrants, options, convertible securities)
1. Title of Derivate Security
(Instr. 3) 		2. Conversion or Exercise Price of Derivative Security 3. Trans. Date 3A. Deemed Execution Date, if any 4. Trans. Code
(Instr. 8) 		5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5) 		6. Date Exercisable and Expiration Date 7. Title and Amount of Securities Underlying Derivative Security
(Instr. 3 and 4) 		8. Price of Derivative Security
(Instr. 5) 		9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares

Explanation of Responses:
( 1)  As of the effective time of the transactions contemplated by the Agreement and Plan of Merger, dated as of November 9, 2015 (the "Merger Agreement"), by and among the Issuer, C1 Bank, a Florida state bank and wholly-owned subsidiary of Issuer, Bank of the Ozarks, Inc., an Arkansas corporation ("OZRK"), and Bank of the Ozarks, an Arkansas state banking corporation and a wholly-owned subsidiary of OZRK, each share of the Issuer's common stock held by the reporting person was disposed of pursuant to the Merger Agreement in exchange for 0.6283 shares of OZRK common stock.
( 2)  Shares held by Mr. Burghardt include the total amount of shares of C1 Financial owned by PDG Electric, a Florida partnership. Mr. Burghardt disclaims beneficial ownership thereof except to the extent of his pecuniary interest therein. Please note that due to a clerical error in Mr. Burghardt's Form 3, the number of securities held indirectly was reported as 62,170 shares. The correct number of shares held indirectly as of the date of the Form 3 is 62,710.

Reporting Owners
Reporting Owner Name / Address
Relationships
Director 10% Owner Officer Other
Burghardt Phillip L
C/O C1 FINANCIAL, INC.
100 5TH STREET SOUTH
ST. PETERSBURG, FL 33701 		X



Signatures
/s/ Trevor R. Burgess, Attorney-In-Fact 7/21/2016
** Signature of Reporting Person Date


Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number.
C1 FINANCIAL, INC. (NYSE:BNK)
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