Home BancShares, Inc., parent company of Centennial Bank, announced its completion of the acquisition of Florida Traditions Bank ("Traditions"). Pursuant to the terms of a previously announced definitive agreement and plan of merger, Traditions will merge with and into Centennial Bank upon the filing of articles of merger with the Arkansas State Bank Department and with the Secretary of State of the State of Florida effective as of Traditions’ close of business July 17.
Upon completion of the transaction, the combined company will have approximately $7.0 billion in total assets, $5.5 billion in total deposits, $4.7 billion in total loans and 149 branches across Arkansas, Florida and South Alabama.
The transaction is accretive to the Company’s book value per common share and tangible book value per common share.
"We are pleased this acquisition opportunity arose to expand our presence in Central Florida," said John Allison, Home’s Chairman. "Centennial Bank will be able to better serve the needs of our Central Florida customers with more convenient locations."