Centennial Bank Buys 17 Branches in Florida, Alabama

by Arkansas Business Staff  on Wednesday, Nov. 16, 2011 6:27 pm  

Home BancShares Inc. of Conway, the holding company of Centennial Bank, announced Wednesday evening that it will acquire the good parts of Vision Bank of Panama City, Fla. - 17 branches, performing loans and deposits.

Park National Corp. (AMEX:%%PRK%%), the publicly traded holding company that owns Vision Bank, announced the sale price as $27.9 million. The deal is expected to close in early 2012, at which point the Vision Bank branches will operate as branches of Centennial.

Vision Bank has already lost $26.2 million in the first three quarters of 2011. It has recorded cumulative losses of some $200 million since its last annual profit of $3 million in 2006.

Vision Bank had assets of $697 million as of Sept. 30. But Centennial expects to acquire only about $378.6 million owrth of loans, as well as $535 million in deposits.

The eight branches in Alabama will be the first in that state for Centennial, which already has 40 branches in Florida. The addition of nine more Florida branches will bring Centennial's presence in that state nearly equal with its 53 branches in Arkansas.



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