CONWAY, AR (News Release) – Home BancShares, Inc. (“Home” or “the Company”), parent company of Centennial Bank (“Centennial”), and Florida Traditions Bank (“Traditions”), today announced they have entered into a non-binding letter of intent for the Company to acquire all of the outstanding shares of Traditions, which will be merged into Centennial.
Traditions’ shareholders will receive approximately $43 million of Home common stock.
Although the parties have entered into a letter of intent, there is no guarantee the parties will enter into a definitive agreement.
Traditions currently operates eight banking locations in Central Florida, including its main office in Dade City, Florida.
As of March 31, 2014, Traditions had approximately $312 million in total assets, $249 million in loans, and $279 million in deposits.
“We continue to execute on our very successful acquisition strategy in Florida and are happy to report another pending strategic in-market acquisition,” said John Allison, Chairman.
“We look forward to continuing to serve the needs of these communities.”
“Traditions Bank is excited to join the Centennial Bank family,” said Bud Stalnaker, Chief Executive Officer of Traditions.
“Our footprint along the I-4 corridor fits nicely with what Centennial has built over the past several years. Centennial is an extremely well run institution and we are looking forward to helping them expand their presence in Central Florida.”
The acquisition is expected to close late in the third quarter or early in the fourth quarter
of 2014 and is subject to execution of a definitive agreement, shareholder approval, regulatory
approvals, and other customary conditions.
“We are very pleased to have an opportunity to expand our Central Florida footprint,” said Randy Sims, Home’s Chief Executive Officer. “This acquisition would provide more convenient locations to our Central Florida customers.”
Additional information regarding the potential acquisition is provided in a supplemental presentation available on the Company’s website here at, under the “Investor Relations” section.
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