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Home BancShares Completes Purchase of Broward Financial

1 min read

Home BancShares Inc. (NASDAQ:HOMB) of Conway, the parent company of Centennial Bank of Conway, announced Thursday the completion of its acquisition of Broward Financial Holdings Inc., the parent company of Broward Bank of Commerce of Fort Lauderdale, Florida.

The $33 million acquisition pushes Home BancShares’ total assets to $7.4 billion. It also now has $5.4 billion in total deposits, $5 billion in total loans.

The Conway-based company first announced the acquisition in July. 

“Home BancShares is ready to begin its presence on the east coast of Florida in Fort Lauderdale,” John Allison, chairman, said in a news release. “We are excited about the attractive, long-term growth markets located in this area and the opportunities we will have to serve the existing market there.”

With the purchase, Home BancShares now has 61 branches in Florida, in addition to 82 in Arkansas and seven in Alabama.

Randy Sims, the company’s CEO, said the conversion to Centennial Bank would begin soon and should be completed by the mid-November. 

“As a result of this quick conversion, we are expected to more quickly realize cost savings to the company and ultimately the shareholders,” Sims said in the release.

As part of the agreement, Home BancShares will issue more than one million shares of its common stock valued at $29.7 million, as of Thursday, in addition to about $3.3 million in cash, in exchange for all outstanding shares of Broward Financial Holdings. Home BancShares will also pay Broward shareholders approximately $751,000 in additional consideration at an undetermined date. 

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