After acquisition, the acquired entity will be combined with and into Centennial Bank, the wholly-owned banking subsidiary of Home Bancshares.
The integrated company will have nearly $7.1bn in total assets, $5.6bn in deposits, $4.5bn in loans, 151 branches, 186 ATMs, and 1,500 staff across Arkansas, Florida and Southern Alabama.
Commenting on the deal, Home Bancshares chairman John Allison said, "The merger of two similarly sized Arkansas based companies with comparable cultures and history with only two overlapping markets creates a prestigious banking franchise in Arkansas."
Based on the terms of the transaction, which is likely to complete late in the third quarter or early in the fourth quarter of 2013, Liberty shareholders will be entitled to receive $250m in common stock as well as $30m in cash.
The merger will significantly increase the acquirer’s deposit market share in Arkansas, while its branch offices will increase from 46 to 92 locations.
Operating across Arkansas, the Florida Keys, Southwestern Florida, Central Florida, the Florida Panhandle and South Alabama, Centennial Bank offers an array of commercial and retail banking and related financial services to businesses, real estate developers, investors, individuals and municipalities.
