Home Bancshares Buys Another Florida Operation
by June 17, 2015 3:07 pm 128 views
Home BancShares, Inc., parent company of Centennial Bank, and Florida Business BancGroup, Inc., parent company of Bay Cities Bank headquartered in Tampa, Florida, announced merger plans in a transaction valued at $101.6 million.
Under the terms of the agreement, Florida Business BancGroup will merge into Home Bancshares and Bay Cities will merge into Centennial Bank.
Shareholders of Florida Business BancGroup will receive their proceeds through a combination of both Home Bancshares common stock and cash, split 80% and 20%, respectively.
Florida Business BancGroup currently operates 6 branch locations and a loan production office in the Tampa Bay area and in Sarasota, Florida.
As of March 31, 2015, Florida Business BancGroup had approximately $540.5 million in total assets, $391.7 million in loans, and $461.4 million in deposits.
Upon completion of the acquisition, Home Bancshares will have approximately $8.5 billion in total assets.
“This is a smart, strategic acquisition for Home which allows us to increase our market share in the Tampa area, while continuing to increase shareholder value with disciplined pricing,” said John Allison, Home’s Chairman. “There is no dilution in this transaction for our shareholders. It will be immediately accretive to diluted earnings per share, book value and tangible book value on day one.”