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Home BancShares Completes Purchase of Florida Traditions Bank

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Home BancShares Inc. of Conway, the parent company of Centennial Bank, said Thursday that it has completed its previously announced acquisition of Florida Traditions Bank.

Per the deal, announced in April, Traditions will merge into Centennial Bank upon the filing of articles of merger with the Arkansas State Bank Department and with the Secretary of State of the State of Florida effective as of Traditions’ close of business today.

The combined company will have about $7 billion in total assets, $5.5 billion in total deposits, $4.7 billion in total loans and 149 branches across Arkansas, Florida and South Alabama. The transaction is accretive to the company’s book value per common share and tangible book value per common share.

“We are pleased this acquisition opportunity arose to expand our presence in central Florida,” John Allison, Home BancShares chairman, said in a news release. “Centennial Bank will be able to better serve the needs of our central Florida customers with more convenient locations.”

Bud Stalnaker, CEO of Traditions said the move to join Centennial enhances its service capabilities. Stalnaker will become the division president for Centennial in central Florida, managing the existing footprint of nine branches in the Orlando and Tampa markets as well as the eight former Florida Traditions branch locations.

Home BancShares also reported second-quarter earnings on Thursday.

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