Home BancShares Inc. and Centennial Bank announced Friday that the local banking company has acquired the banking operations of Old Southern Bank (Old Southern) headquartered in Orlando, Fla., through a loss-sharing agreement with the Federal Deposit Insurance Corporation, according to a news release.
On Friday, Home BancShares Inc. acquired the Florida banking company’s $319.7 million in deposits and most of its $315.6 million in assets.
Depositors of Old Southern will automatically become depositors of Centennial Bank, and deposits will continue to be insured by the FDIC. Depositors may access their accounts through automated teller machine transactions, checks, online banking and debit card transactions. All offices of Old Southern opened under regular business hours on Monday as branches of Centennial Bank.
Additionally, checks drawn on Old Southern will continue to be processed, and loan customers should continue to make their payments as usual.
During the transition period, Old Southern customer accounts will be transitioned to Centennial Bank accounts with customers ultimately enjoying the benefits of Centennial Bank’s extensive selection of products and services. Customers may continue banking as usual and feel confident that their deposits are secure, now backed by one of the country’s strongest and safest financial institutions.
Employees and vendors should continue to operate business as usual.