Centennial Bank has signed a definitive agreement to acquire all of the Florida and Alabama banking locations of Vision Bank, a wholly-owned subsidiary of publicly traded Park National Corp.
Full financial details of the transaction were not disclosed, but Centennial said it expected to purchase 17 banking locations in the Florida Panhandle and in Baldwin County, Alabama. The transaction also includes the majority of performing loans and deposits from Vision Bank, which are valued at $378.6 million and $535 million respectively.
“We are excited about this opportunity to merge our banking services with the Vision management team, said John Allison, chairman of Centennial Bank’s parent company, Conway-based Home Bancshares. “It will be a new beginning for the Vision bankers and directors working without the burden of problem assets.”
The merger marks the first transaction in several years for Home Bancshares not involving an FDIC-assisted transaction. Home Bancshares has made several acquisitions in the Florida market since 2009, capitalizing on distressed banking properties and assets that government regulators have forced to find new ownership.
“This combination is an ideal fit because it expands our footprint into Alabama as well as increases our current presence in the Florida Panhandle,” Allison added.
The acquisition is expected to be effective in early 2012 and must still be approved by regulators.