Home Bancshares Inc. (HBI) of Conway has successfully bid to acquire The Bank of Commerce, a Florida-state chartered bank based in Sarasota.
HBI, parent company of Centennial Bank, was named the successful bidder Thursday (Nov. 17) at a hearing of the U.S. Bankruptcy Court for the Middle District of Florida in Tampa.
Bank of Commerce Holdings Inc. (BCHI), holding company for The Bank of Commerce, filed a voluntary petition for Chapter 11 bankruptcy in September.
Once the court order is entered designating HBI as successful bidder, expected to occur within the next week, the holding company will enter into an acquisition agreement with BCHI to purchase all of the issued and outstanding shares of common stock of The Bank of Commerce and certain other assets of BCHI, according to a news release. Immediately following the acquisition, The Bank of Commerce will become part of Centennial Bank.
“We are excited about the opportunity to expand our footprint in the Sarasota area,” HBI Chairman John Allison said in the release. “This allows us to provide expanded service to our current customers. If approved, The Bank of Commerce customers will now have access to 20 Centennial locations throughout central Florida.”
The closing of the acquisition is expected to occur in first quarter of 2017 and will be subject to a court-approved final sale order relating to the acquired assets, the approval of appropriate regulatory authorities, and the terms and conditions of the acquisition agreement.
As of June 30, The Bank of Commerce had assets of $209 million and deposits of $165.9 million.