This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Home BancShares, Inc. Announces Completion Of The Acquisition Of Liberty Bancshares, Inc.

CONWAY, Ark., Oct. 23, 2013 (GLOBE NEWSWIRE) -- Home BancShares, Inc. (Nasdaq:HOMB) ("Home" or "the Company"), parent company of Centennial Bank, today announced that its acquisition of Liberty Bancshares, Inc. ("Liberty"), parent company of Liberty Bank of Arkansas, and its issuance of Home common stock to the shareholders of Liberty in connection with the acquisition were approved by the shareholders of Liberty and Home, respectively, at separate shareholder meetings held earlier today. Pursuant to the terms of a previously announced definitive agreement and plan of merger, Liberty Bank will merge with and into Centennial Bank immediately after the acquisition of Liberty by Home. The transaction will be officially completed upon the filing of articles of merger with the Secretary of State of the State of Arkansas and with the Arkansas State Bank Department expected to occur tomorrow morning, October 24, 2013. 

Under the terms of the agreement, Home will issue approximately 8,764,242 shares of its common stock valued at approximately $290.1 million as of October 23, 2013, plus $30 million in cash for all outstanding shares of Liberty common stock. The transaction is accretive to the Company's book value per common share and tangible book value per common share. On a pro forma basis as of September 30, 2013, the projected book value and tangible book value per common share are $12.84 and $8.04, respectively. Additionally the Leverage ratio, Tier 1 risk-based capital and Total risk-based capital are projected to be 8.3%, 10.5% and 11.2%, respectively as of September 30, 2013 on a pro forma basis.

The completion of the acquisition brings the combined company to approximately $7.0 billion in total assets, $5.4 billion in deposits, $4.4 billion in loans, 153 branches, 186 ATMs, and 1,500 employees across Arkansas, Florida and Southern Alabama. The merger significantly increases the Company's deposit market share in Arkansas making it the 2 nd largest bank holding company headquartered in Arkansas. 

"We are excited about adding a great banking organization with some very talented bankers to our family at Home BancShares," said Randy Sims, Home's Chief Executive Officer.  "We believe the comparable strengths of Home and Liberty will allow our combined bank to continue as a robust, first-class financial institution with experienced local leadership and talented associates who are ready to serve our valued customers and communities throughout our business footprint spanning across Arkansas," Sims emphasized.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $93.24 0.00%
FB $117.81 0.00%
GOOG $701.43 0.00%
TSLA $211.53 0.00%
YHOO $36.94 0.00%


Chart of I:DJI
DOW 17,660.71 +9.45 0.05%
S&P 500 2,050.63 -0.49 -0.02%
NASDAQ 4,717.0940 -8.5450 -0.18%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs