Centennial Bank, a wholly-owned subsidiary of Home BancShares Inc., announced Friday it acquired the banking operations at two failing banks in Florida.

Home BancShares Inc. acquired Coastal Community Bank, headquartered in Panama City Beach, Fla., and Bayside Savings Bank, headquartered in Port Saint Joe, Fla., through loss-sharing agreements with the Federal Deposit Insurance Corporation.

Depositors of Coastal and Bayside will automatically become depositors of Centennial Bank, and their deposits will continue to be insured by the FDIC up to $250,000. 

“This is a terrific opportunistic acquisition which allows us to further expand our current Florida footprint into attractive, long-term growth markets in the Florida Panhandle,” said CEO C. Randall Sims, announcing the the loss-sharing agreement will give the company 13 new branches in Florida with total assets of more than $440 million and deposits of about $415 million. “The Panhandle represents a natural extension to our current Florida footprint and serves as a popular, long time vacation destination for many Arkansans. The area continues to experience economic growth with the recent opening of Northwest Florida Beaches International Airport and has an unemployment rate well below the Florida state average. Like Central Arkansas, there is a significant military presence in these Florida markets. We are looking forward to providing our services and support designed specifically for the military to the families in and around Panama City. We anticipate a smooth transition, having successfully integrated two other FDIC-assisted transactions in Florida in the last five months.”