CONWAY, Ark., Aug. 14, 2012 (GLOBE NEWSWIRE) -- Centennial Bank, wholly-owned subsidiary of Home BancShares, Inc. (Nasdaq:HOMB) entered into an Asset Purchase Agreement with Premier Bank Holding Company ("PBHC"), a Florida corporation and bank holding company. This transaction is pursuant to the terms of and subject to the conditions set forth in the agreement and dependent on regulatory and legal process. Centennial Bank has agreed to purchase all of the issued and outstanding shares of common stock of PBHC's wholly-owned subsidiary, Premier Bank, a Florida state-chartered bank that operates in the Tallahassee, Florida area.
"We are excited about the opportunity to expand our footprint in the Tallahassee area," said John W. Allison, Chairman of Home BancShares. "This is a great fit and allows us to provide expanded service to our current customers. If approved, Premier customers will now have access to 28 Centennial locations throughout the Florida Panhandle." Centennial Bank plans to acquire six new locations in Tallahassee and the surrounding area.
"Premier Bank customers and the community it serves will greatly benefit from this transaction with Centennial Bank since it places our bank in very strong hands. By integrating the footprint and loyalty we have built over the last two decades at Premier Bank with the capital strength and resources of Centennial Bank, the transaction represents a win-win for Premier Bank customers, Centennial Bank customers, and the Tallahassee market,'' said Matt Brown, President and CEO of Premier.The closing of the acquisition is expected to occur in fourth quarter of 2012 and is subject to a court approved final sale order relating to the acquired assets; in addition to approval of appropriate regulatory authorities. 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. 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 plus related financial services to businesses, real estate developers, investors, individuals and municipalities. 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. The Company's common stock is traded through the NASDAQ Global Select Market under the symbol "HOMB."