Home BancShares And Centennial Bank Build Presence In Florida Panhandle With Strategic Acquisition

CONWAY, Ark., Oct. 1, 2010 (GLOBE NEWSWIRE) -- Centennial Bank, a wholly-owned subsidiary of Home BancShares, Inc. (Nasdaq:HOMB), announced today it has acquired all the deposits, substantially all of the assets, and certain liabilities of Wakulla Bank ("Wakulla") headquartered in Crawfordville, Florida (located in the Tallahassee MSA), through loss-sharing agreements with the Federal Deposit Insurance Corporation ("FDIC").

Depositors of Wakulla will automatically become depositors of Centennial Bank, and their deposits will continue to be insured by the FDIC up to $250,000. Customers may access their accounts through automated teller machine transactions, checks, online banking and debit card transactions.  Wakulla locations normally open on Saturday will open under regular business hours on Saturday October 2, 2010, as branches of Centennial Bank.  All remaining locations will open under regular business hours on Monday, October 4, 2010, as branches of Centennial Bank.  Additionally, checks drawn on Wakulla will continue to be processed, and loan customers should continue to make their payments as usual.

During the transition period, Wakulla customer accounts will be transitioned to Centennial Bank accounts with customers ultimately enjoying the benefits of Centennial Bank's convenient locations, plus extensive selection of products and services. Customers may continue banking as usual and feel confident their deposits are secure, now backed by one of the country's strongest and safest financial institutions. Employees and vendors should continue to operate business as usual.

"Wakulla is an opportunistic acquisition for us because it adds to our two most recent acquisitions of Coastal Community Bank and Bayside Savings Bank in the Florida Panhandle with 12 additional branch offices, including entrance into the Tallahassee market. Wakulla has deep roots in the communities it serves and has a proud history of providing outstanding service to its customers since 1974. Our goal is to continue providing first-class customer service and to quickly return this franchise back into a high performing community banking organization," said Randy Sims, CEO of Home BancShares and Centennial Bank. Sims added, "We look forward to continuing the community support that Wakulla Bank has been known for in the markets that they serve."