by Lance Turner
Posted 2/16/2012 03:59 pm
Updated 2 years ago
Home BancShares Inc. of Conway, the holding company of Centennial Bank, announced Thursday that it had completed its acquisition, announced in November, of certain branches, loans and deposits of Vision Bank of Panama City, Fla.
Upon closing the deal, Centennial purchased loans with an unpaid principal balance of about $354 million and assumed deposit liabilities of about $520 million from Vision for a purchase price of about $27.9 million.
Centennial bought those assets from Park National Corp. (AMEX: PRK), Vision's publicly traded holding company.
"We had a great 2011, and we are very excited about starting 2012 with this acquisition," John W. Allison, chairman of Home BancShares, said in a news release. "This is an ideal fit for us, as we expand our footprint from Baldwin County, Alabama to Tallahassee, Florida, and look forward to serving our customers and communities throughout this area."
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 expected to acquire only part of those assets.