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.