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Home BancShares Hooks $238M in Marine Loans

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Home BancShares Inc. of Conway said Monday that it has purchased the performing marine loan portfolio of LendingClub Bank of Lehi, Utah — the latest move in Home BancShares’ growing marine loans business.

The publicly traded parent of Centennial Bank said that under the terms of the purchase agreement, Centennial acquired yacht loans totaling about $238 million. The loans will be housed within Centennial’s Shore Premier Finance division, a specialized marine lending division for dealership floor plan and retail consumer marine loans. 

Upon completion of the acquisition, SPF will have total loans receivable of about $1.13 billion. 

“The marine business has continued to be a strong segment for Centennial Bank,” Home BancShares Chairman, CEO and President John Allison said in a news release. “This opportunity allows us to acquire a quality portfolio that complements our marine finance division.”

SPF President John Marshall said the credit metrics for each loan in the pool will enhance the SPF portfolio and offer similar asset performance. 

“The growth helps to scale our business, increase our bottom line contribution, and smooth out pandemic production swings,” Marshall said.

Home BancShares ramped up its marine lending in 2018 when it bought SPF from Union Bank & Trust of Richmond, Virginia, in a $402 million deal. In 2020, it bought LH-Finance, part of People’s United Bank N.A. of Bridgeport, tacking on $405 million in LH-Finance loan balances.


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