A Florida-based business changed hands today, as Home BancShares, Inc. completed its acquisition of Florida Business BancGroup, Inc. (FBBI), parent company of Bay Cities Bank.
As part of the deal, FBBI merged with Home BancShares, while Bay Cities merged with Centennial, a subsidiary of the Arkansas-based bank holding company.
"Centennial Bank welcomes its new Bay Cities customers and looks forward to this expansion in Central Florida," Tracy French, Centennial Bank president/CEO, said. "With our strong commitment to community banking, we are excited about heightening our presence in the Tampa Bay, St. Petersburg and Sarasota markets. The Bay Cities management group will complement our already successful market leadership teams."
With the completion of the acquisition, the Home BancShares now operates 80 branches in Arkansas, 64 branches in Florida, six branches in southern Alabama and a loan production office in New York City.
"Acquiring Bay Cities is a smart and strategic deal for Home BancShares," John Allison, chairman of Home BancShares, said. "This merger is another step in the right direction for our company as we continue our discipline of executing financially attractive transactions immediately accretive to diluted earnings per share, book and tangible book values."
As of September, FBBI had approximately $542.4 million in total assets, $415.8 million in loans and $471.5 million in deposits.
Home will issue approximately 2,080,000 shares of its common stock valued at approximately $84.2 million, plus approximately $20.3 million in cash in exchange for all outstanding shares of FBBI common stock.
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