by Lance Turner
Posted 6/26/2013 07:21 am
Updated 8 months ago
Home BancShares Inc. of Conway on Tuesday announced the signing of a definitive agreement worth $280 million to acquire Liberty Bancshares Inc. of Jonesboro, the largest in-state bank transaction in Arkansas history.
Under the terms of the agreement, approximately 400 shareholders of Liberty will receive $250 million of Home BancShares common stock plus $30 million in cash. Wallace Fowler, chairman and CEO of Liberty Bancshares, said his family owned slightly less than 30 percent of the stock.
Click the video below to hear from Home BancShares Chairman Johnny Allison and Fowler, who spoke to Arkansas Business at the news conference announcing the merger.