Home BancShares And Centennial Bank Further Enhance Florida Panhandle Franchise With Strategic In-Market Acquisition
"We are very excited to continue building our Panhandle franchise. The regional economy continues to grow, and the unemployment rate remains well below the Florida state average in the Panhandle area. We again anticipate a smooth and seamless transition, similar to our experiences with our previously announced FDIC-assisted acquisitions. We cordially welcome Gulf State customers to the Centennial Bank family. Our local Centennial Bank team along with management from Home BancShares has been deployed to assist in the weekend resolution process."
(based on data as of September 30, 2010)
- The acquisition is expected to provide Centennial Bank:
- Assets of approximately $112 million,
- Loans of approximately $74 million (before loan discounts and FDIC receivables),
- Investment securities of approximately $11 million,
- Deposits of approximately $100 million.
- The FDIC provides 80% loss coverage on the covered Single Family Residential and Commercial loans
- Pro forma for completion of this transaction, including the Company's other recent acquisitions in the Florida panhandle, Centennial Bank will have #1 deposit market share in both Franklin County and Wakulla County.
- This transaction is expected to have the following financial impact on the Company:
- Immediately accretive to net income and diluted earnings per share,
- Immediately accretive to book value per share and tangible book value per share.
Upon completion of the acquisition, the Company will continue to remain well in excess of "well capitalized" by regulatory standards, with no additional capital required to support this transaction.Additional information regarding the acquisition is provided in a supplemental presentation available on the Company's website at www.homebancshares.com, under the "Investor Relations" section. General Home BancShares, Inc. is a bank holding company, headquartered in Conway, Arkansas. Our wholly-owned subsidiary Centennial Bank provides a broad range of commercial and retail banking and related financial services to businesses, real estate developers and investors, individuals and municipalities. Centennial Bank has locations in central Arkansas, north central Arkansas, southern Arkansas, the Florida Keys, southwestern Florida, central Florida and the Florida Panhandle. The Company's common stock is traded through the NASDAQ Global Select Market under the symbol "HOMB."
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