Home Bancshares (HOMB), Centennial Bank Announce Successful Bid to Purchase Bank of Commerce
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Earlier today, at a hearing of the U.S. Bankruptcy Court for the Middle District of Florida in Tampa, Florida, Home BancShares, Inc. (NASDAQ: HOMB), parent company of Centennial Bank (“Centennial”), was designated the successful bidder to purchase The Bank of Commerce (“BOC”), a Florida state-chartered bank that operates in the Sarasota, Florida area, from its parent company, Bank of Commerce Holdings, Inc. (“BCHI”), a Florida corporation and bank holding company which is the subject of the bankruptcy proceeding. Upon entry of the court’s order approving the designation of Home as the successful bidder, which is expected to occur within the next week, Home will enter into an acquisition agreement with BCHI to purchase all of the issued and outstanding shares of common stock of BOC and certain other assets of BCHI. Immediately following the acquisition, BOC will become part of Centennial.
“We are excited about the opportunity to expand our footprint in the Sarasota area,” said John W. Allison, Chairman of Home BancShares. “This allows us to provide expanded service to our current customers. If approved, The Bank of Commerce customers will now have access to 20 Centennial locations throughout Central Florida.”
“This transaction represents a win-win for The Bank of Commerce customers, Centennial Bank customers and the Sarasota market,” said Tracy French, Centennial President and CEO.
The closing of the acquisition is expected to occur in first quarter of 2017 and will be subject to a court-approved final sale order relating to the acquired assets, the approval of appropriate regulatory authorities, and the terms and conditions of the acquisition agreement.
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.
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Create E-mail Alert Related CategoriesCorporate News, Management Comments, Mergers and Acquisitions
Related EntitiesBankruptcy, S3, Earnings, Definitive Agreement
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