Home BancShares to Buy Florida Business BancGroup in USD 101.6m Deal.
M2 EQUITYBITES-June 18, 2015-Home BancShares to Buy Florida Business BancGroup in USD 101.6m Deal
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18 June 2015 - US-based bank holding comapnies Home BancShares, Inc. (NASDAQ: HOMB) and Florida Business BancGroup, Inc. have signed a definitive agreement and plan of merger for Home to acquire FBBI, the companies said.
Under the terms of the agreement, FBBI will merge into Home, and Bay Cities will merge into Centennial, and shareholders of FBBI will receive proceeds from the transaction of approximately USD 101.6m as a combination of both Home common stock and cash, split 80% and 20%, respectively.
FBBI currently operates six branch locations and a loan production office in the Tampa Bay area and in Sarasota, Florida.
As of March 31, 2015, FBBI had approximately USD 540.5m in total assets, USD 391.7m in loans, and USD 461.4m in deposits.
Upon completion of the acquisition, the company will have approximately USD 8.5 \bn in total assets.
The acquisition is expected to close late in the third quarter or early in the fourth quarter of 2015 and is subject to FBBI shareholder approval, regulatory approvals, and other customary conditions.
Until Centennial and Bay Cities convert to a single operating system, which is anticipated to occur on November 6, 2015, Centennial and Bay Cities customers should continue to do business at their current Centennial or BayCities branches.
Home BancShares is a bank holding company, headquartered in Conway, Arkansas. Its wholly-owned subsidiary, Centennial Bank, provides a range of commercial and retail banking plus related financial services to businesses, real estate developers, investors, individuals and municipalities.
Centennial Bank has locations in Arkansas, Florida, South Alabama and New York City.
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|Publication:||M2 EquityBites (EQB)|
|Date:||Jun 18, 2015|
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