Home BancShares and Centennial Bank Continue Building Presence in Florida With
CONWAY, Ark., Nov. 2, 2012 (GLOBE NEWSWIRE) -- Centennial Bank, a wholly-owned
subsidiary of Home BancShares, Inc. (Nasdaq:HOMB), announced today it has
acquired all the deposits and substantially all the assets of Heritage Bank of
Florida ("Heritage") with offices located in Tampa, Lutz and Wesley Chapel,
Florida, through an agreement with the Federal Deposit Insurance Corporation
Depositors of Heritage will automatically become depositors of Centennial
Bank, and their deposits will continue to be insured by the FDIC up to the
legal limit. Customers may access their accounts through automated teller
machine transactions, checks, online banking and debit card transactions.
Heritage locations will open under regular business hours on Monday, November
5, 2012, as branches of Centennial Bank. Additionally, checks drawn on
Heritage will continue to be processed, and loan customers should continue to
make their payments as usual.
During the interim period, Heritage customer accounts will be transitioned to
Centennial Bank accounts with customers ultimately enjoying the benefits of
Centennial Bank's convenient locations, plus an extensive selection of
products and services.Customers may continue banking as usual and feel
confident their deposits are secure, now backed by one of the country's most
respected community banking institutions.Employees and vendors should
continue to operate business as usual.
"We are excited to welcome the customers and employees of Heritage Bank to our
family and look forward to the benefits this acquisition should bring to the
businesses and residents of the northern Tampa area.We want depositors of
Heritage Bank to be confident in knowing that they will be banking with a
strong, community banking oriented financial institution.We also want to
reassure all customers of Heritage Bank they will continue to conduct business
as normal with the employees with whom they have built a solid long term
relationship," said Randy Sims, Chief Executive Officer of Home BancShares and
Centennial Bank. "We are very pleased to expand our Central Florida
franchise.We anticipate a smooth and seamless transition, similar to our
experiences with our previously announced FDIC-assisted acquisitions. Our
local Centennial Bank team along with management from Home BancShares has been
deployed to assist in the weekend resolution process."
(based on data as of September 30, 2012)
*The acquisition is expected to provide Centennial Bank:
-- Assets from Heritage of approximately $194 million plus a cash settlement
to balance the transaction,
-- Performing loans of approximately $158 million (before loan discounts),
-- Deposits of approximately $223 million.
*The acquisition adds three new branch locations in Tampa, Lutz and Wesley
*The transaction does not include any non-performing loans or other real
estate owned of Heritage.
*The transaction was structured as a whole bank purchase and assumption
without a loss sharing agreement with the FDIC.
*This transaction is expected to have the following financial impact on the
--Excluding any one time bargain purchase gain, it will be immediately
accretive to net income by approximately $2.5 million,
-- Excluding any one time bargain purchase gain, it will be immediately
accretive to diluted earnings per share by approximately $0.09,
-- Immediately accretive to book value per share and tangible book value per
share as a result of an anticipated one time bargain purchase gain.
Upon completion of the acquisition, the Company will continue to remain well
in excess of "well capitalized" by regulatory standards, with no additional
capital required to support this transaction.
Additional information regarding the acquisition is provided in a supplemental
presentation available on the Company's website at www.homebancshares.com,
under the "Investor Relations" section.
Home BancShares, Inc. is a bank holding company, headquartered in Conway,
Arkansas.Our wholly-owned subsidiary, Centennial Bank, provides a broad range
of commercial and retail banking plus related financial services to
businesses, real estate developers, investors, individuals and
municipalities.Centennial Bank has locations in central Arkansas, north
central Arkansas, southern Arkansas, the Florida Keys, southwestern Florida,
central Florida, the Florida Panhandle and south Alabama. The Company's common
stock is traded through the NASDAQ Global Select Market under the symbol
This release contains forward-looking statements regarding the Company's
plans, expectations, goals and outlook for the future. Statements in this
press release that are not historical facts should be considered
forward-looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995. Forward-looking statements of this type speak
only as of the date of this news release. By nature, forward-looking
statements involve inherent risk and uncertainties. Various factors,
including, but not limited to, economic conditions, credit quality, interest
rates, loan demand, the ability to successfully integrate new acquisitions and
changes in the assumptions used in making the forward-looking statements,
could cause actual results to differ materially from those contemplated by the
forward-looking statements. Additional information on factors that might
affect Home BancShares, Inc.'s financial results are included in its Annual
Report on Form 10-K for the year ended December 31, 2011 filed with the
Securities and Exchange Commission.
CONTACT: Centennial Bank
Home BancShares, Inc.
Investor Relations Officer
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