SPECIAL TO THE LOG CABIN
Centennial Bank (“Centennial”), a wholly-owned subsidiary of Home BancShares, Inc. (NASDAQ GS: HOMB), has completed acquisition of all of the banking locations of Vision Bank, a Florida state-chartered bank.
Centennial purchased loans with an unpaid principal balance of approximately $354 million and
assumed deposit liabilities of approximately $520 million from Vision for a purchase
price of approximately $27.9 million.
At the time of the acquisition, Vision operated a total of 17 banking locations in
the Gulf Coast communities of Baldwin County, Ala., and the Florida Panhandle,
including its main office located in Panama City.
The Vision branch locations were sold as “clean” bank branches. As such, Centennial purchased only the
performing loans and the related other assets of Vision. All deposits and the
related other liabilities were assumed by Centennial.
“We had a great 2011, and we are very excited about starting 2012 with this
acquisition,” said John W. Allison, Chairman of Home BancShares.
“This is an ideal fit for us, as we expand our footprint from Baldwin County, Ala., to Tallahassee,
Fla., and look forward to serving our customers and communities throughout this
area,” added Allison.
Home BancShares, Inc. is a bank holding company, headquartered in Conway.
Its wholly-owned subsidiary, Centennial Bank, has locations in central Arkansas, north central Arkansas, southern Arkansas, the Florida Keys, southwestern Florida, central Florida, the Florida
Panhandle and south Alabama.
AT 11 a.m. Friday, HOMB shares were trading at $26.03, up 47 cents for the day.