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Home BancShares Gets Final OK for $919M Purchase of Happy Bancshares

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The Federal Reserve Board has given final approval to Home BancShares Inc. of Conway’s $919 million acquisition of Happy Bancshares of Happy, Texas.

Home BancShares, the parent company of Centennial Bank, announced Friday that with the approval, it expects the deal to close in April.  

“We are very happy to have received our final piece in the approval process to acquire Happy Bancshares,” John Allison, the bank’s chairman, president and CEO, said in a news release. “Our teams on both sides have been actively making plans and are anxious to officially kick off the merger process.”

Under the terms of the agreement, Happy Bancshares shareholders will receive 2.17 shares of Home BancShares stock (NYSE: HOMB) for each share of Happy Bancshares they own. They’ll also be eligible to receive quarterly dividends declared by Home BancShares.

Shareholders from both companies approved the deal Dec. 15. The Arkansas State Banking Board and the Arkansas State Bank Commissioner approved the deal the next day.

Happy Bancshares had total assets of $6.44 billion as of Sept. 30. The acquisition will push Home BancShares’ assets above $24 billion. 

Happy Bancshares employs almost 900 people in 64 offices, all of them in Texas and most in the Panhandle. 

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