Home BancShares, the parent company of Centennial Bank, announced today it has signed an agreement to acquire Broward Bank of Commerce, which operates two locations in Fort Lauderdale, Fla.
Under the terms of the agreement, Broward Bank will merge into Centennial, and its shareholders will receive a price of about $33 million.
"This is a nice opportunistic acquisition which allows us to further expand our current Florida footprint into attractive, long-term growth markets on the east coast of Florida," said John Allison, chairman. "We are excited to begin serving the communities in this area."
"We are excited to be able to spearhead the launch of Home BancShares in South Florida," said Keith Costello, Broward president and chief executive officer. "Centennial Bank’s entrance into the market will benefit our clients, shareholders and the community."
"We are very pleased to have an opportunity to expand our South Florida footprint and to work with Keith and his team of associates," said Randy Sims, Home’s chief executive officer. "The regional economy is growing and the unemployment rate remains below the Florida state average in the Fort Lauderdale Metropolitan Division."
The acquisition is expected to close in the fourth quarter of 2014 and is subject to shareholder approval, regulatory approvals, and other customary conditions.