Home BancShares Announces Florida Acquisition For $101.6M
by June 22, 2015 12:00 am 73 views
Home BancShares of Conway, the publicly traded holding company for Centennial Bank, announced June 17 it has reached an agreement to acquire Florida Business BancGroup Inc., parent company of Bay Cities Bank.
It is the second acquisition this year for Home BancShares, and its 14th since 2010.
FBBI shareholders will be paid 80 percent of the purchase price in Home BancShares stock and 20 percent in cash.
FBBI currently operates six branch locations and a loan production office in the Tampa Bay area and in Sarasota, Florida. As of March 31, the holding company had approximately $540.5 million in total assets, $391.7 million in loans and $461.4 million in deposits.
The purchase, expected to close later this year, will give Home BancShares about $8.5 billion in total assets, with 156 Centennial branch locations in Arkansas, Alabama and Florida.
Centennial has 83 branches in Arkansas, including four in Benton County and four in Washington County.