SPECIAL TO THE LOG CABIN
Centennial Bank is expanding its reach into Alabama, it was announced Wednesday.
A wholly owned subsidiary of HomeBancShares, Inc. (NASDAQ GS: HOMB), Centennial will acquire 17 banking locations of Vision Bank (PRK) in the panhandle of Florida and on the Gulf Coast in Baldwin County, Alabama.
Gulf Shores and Orange Beach, two popular destinations for Arkansas beach-goers, are in Baldwin County.
John W. Allison, chairman of Home BancShares. said: “This combination is an ideal fit because it expands our footprint into Alabama as well as increases our current presence in the Florida Panhandle.”
Centennial expects to obtain performing loans of about $378.6 million and about $535 million in deposits.
As of the acquisition date, the Vision branch locations will become branch locations of Centennial Bank.
The acquisition is conditioned upon regulatory approvals and other customary conditions. The acquisition is expected to be effective in early 2012.
Until Centennial Bank and Vision Bank convert to a single operating system, anticipated to occur in April 2012, Centennial and Vision customers will continue to do business at their current Centennial or Vision branches.
“It is business as usual at all Centennial and Vision branches, with the immediate benefit of access to ATMs across three states for customers of both banks,” said Randy Sims, Chief Executive Officer of Home BancShares and Centennial Bank.
“We look forward to welcoming Vision Bank’s customers to the Centennial family. We have a long tradition of a community-bank approach in all our market locations – personally serving our customers, professionally serving their banking needs, and being a good corporate neighbor in the communities we serve, just as Vision has done.”
Additional information regarding the acquisition is provided on the Company’s website at www.homebancshares.com, under the “Investor Relations” section.