Johnny Allison
Home BancShares Inc. of Conway this afternoon announced its pending acquisition of Florida Business BancGroup Inc. of Tampa.
The $101.6 million transaction reflects an 80/20 split of stock and cash for the parent company of Bay Cities Bank. The exchange rate of shares is set at an average closing price between $28.92 and $39.12.
The transaction is expected to close late in the third quarter or early in the fourth quarter.
Bay Cities will be combined with Home BancShares’ Centennial Bank of Conway, which will push the company’s asset total to $8.5 billion and its Tampa area branch network to 12.
“This is a smart, strategic acquisition for Home which allows us to increase our market share in the Tampa area, while continuing to increase shareholder value with disciplined pricing,”said John Allison, Home BancShares’ chairman, said in a news release. “There is no dilution in this transaction for our shareholders. It will be immediately accretive to diluted earnings per share, book value and tangible book value on day one.”
The Tampa bank recorded a $4.3 million profit last year and $3.7 million in 2013. The $540.5 million-asset lender operates six branches and a loan production office with a staff of 87 in the Tampa Bay-Sarasota markets.
Thursday’s acquisition continues a march through Florida and the Southeast that Home BancShares began five years ago. Since 2010, the publicly traded company (Nasdaq: HOMB) has acquired 13 banks in Florida, including Florida Business BancGroup.
The purchases have left the company with 83 branches in Arkansas, seven in Alabama and now 66 in Florida.
Sign up for Daily E-news
