CONWAY, Ark., Sept. 3, 2013 (GLOBE NEWSWIRE) -- Home BancShares, Inc. (Nasdaq:HOMB) ("Home" or "the Company"), parent company of Centennial Bank today announced it has received approval from the Federal Reserve Board and the Arkansas State Bank Board of its applications for the previously announced merger with Liberty Bancshares, Inc. ("Liberty") Additionally, Home has gone effective with its Form S-4 registration statement filed with the Securities and Exchange Commission. The boards of both, Home and Liberty met on Friday, August 30 th to approve additional steps for the transaction to proceed since both boards had previously given their approvals for merger. The record date is set for September 26 th for shareholders to be eligible to vote.
"Effectiveness of the registration statement and the approvals by the Federal Reserve and the Arkansas State Bank Board permits us to move ahead with the merger in a timely manner," said John W. Allison, Chairman of the board for HOMB. "Integration planning teams from both banks are making very good progress and we look forward to delivering the benefits of this merger to our shareholders, customers, and communities."
Under the terms of the merger agreement, shareholders of Liberty will receive $250 million of Home common stock plus $30 million in cash. The merger will significantly increase the Company's deposit market share in Arkansas making it the 2 nd largest bank holding company headquartered in Arkansas. The acquisition is expected to close in late October subject to Home and Liberty shareholder approval. Shareholders meetings will be held October 23 rd, in Conway at HOMBs headquarters and in Jonesboro at Liberty headquarters for the Liberty shareholders. "We are very excited to announce that in early December our customers can use all 92 locations in Arkansas, as well as Alabama and Florida for their banking needs," said Randy Sims, CEO of Home Bancshares.Stockholders are urged to read the joint proxy statement/prospectus, and other relevant documents filed with the SEC regarding the proposed transaction because they contain important information.