Posted 4/25/2014 04:07 pm
Updated 3 months ago
Home BancShares Inc. of Conway, parent company of Centennial Bank, said Friday that it had reached a definitive agreement to buy Florida Traditions Bank, which Chairman Johnny Allison first announced at last week's annual shareholders meeting.
Home BancShares will issue $43 million worth of stock to the buy the bank, which has eight banking locations in central Florida, including its main office in Dade City.
Centennial currently has 52 branches in Florida and, the Traditions branches will help fill the footprint between existing Centennial offices in Tampa and Orlando.
The deal is expected to close late in the third quarter.
As of March 31, Traditions had about $312 million in total assets, $249 million in loans, and $279 million in deposits. It had net income of $2.66 million in 2013 and $1.66 million in 2012.
Additional information about the transaction is available on the Home BancShares website.