Home BancShares Completes $101.6M Deal for Florida Bank Company

Home BancShares Completes $101.6M Deal for Florida Bank Company
Johnny Allison

Home BancShares Inc. of Conway, the parent company of Centennial Bank, said Thursday that it had completed a $101.6 million deal to buy Florida Business BancGroup Inc., the parent company of Bay Cities Bank. 

Home BancShares announced the deal in June.

As of September, FBBI had about $542.4 million in total assets, $415.8 million in loans and $471.5 million in deposits. The combined company now operates 80 branches in Arkansas, 64 branches in Florida, six branches in south Alabama and a loan production office in New York City. 

"Acquiring Bay Cities is a smart and strategic deal for Home BancShares," Home BancShares Chairman John Allison said in a news release. "This merger is another step in the right direction for our company as we continue our discipline of executing financially attractive transactions immediately accretive to diluted earnings per share, book and tangible book values."

Under the terms of the deal, Home BancShares will issue about 2 million shares of its common stock valued at about $84.2 million as of Thursday, plus about $20.3 million in cash in exchange for all outstanding shares of FBBI common stock. 

Shares of Home BancShares (Nasdaq: HOMB) were trading at about $41.12 on Thursday.