Home BancShares chairman seeks to sell 2.65 million shares for $58.3 million

Home BancShares Board Chairman John Allison is selling 2.65 million company shares for “estate planning purposes.” With a $22 per share value as the offering price, the deal could gross $58.3 million for Allison.

“Mr. Allison is selling the shares offered in this offering for estate planning purposes and will receive all of the net proceeds from such offering. The Company will not sell any shares and will not receive any proceeds from the offering,” Home BancShares noted in a statement.

Company shares (NASDAQ: HOMB) were trading under $22 early Friday morning, falling from the opening price of $22.24. In the past 52 weeks the share price has ranged from a $23.75 high to a $16.93 low.

Allison will own 6,479,536 shares after the sale – assuming all shares offered in this offering are sold – and he will remain as board chairman.

“My financial advisors have been encouraging me to work on my estate planning for some time. Thus, today I am finally executing on their request,” Allison said in a company statement. “My 100% commitment to this Company has not changed. My health is good and I have the same passion for Home BancShares today as I did when I founded this Company.”

Little Rock-based Stephens Inc. is serving as sole book-running manager for the offering.

Conway-based Home BancShares is a bank holding company, and its subsidiary, Centennial Bank has branch locations in Arkansas, Florida, South Alabama and New York City. The company is scheduled to release third quarter earnings on Oct. 20. The consensus estimate among analysts is the company will announce 31 cents per share net income, above the 26 cents per share in the same quarter of 2015. The consensus estimate on revenue is $126.05 million, better than the $107.64 million in the same quarter of 2015.