Home BancShares Inc. of Conway said Friday that it has completed its previously announced acquisition of Giant Holdings Inc. of Fort Lauderdale, Florida.
The company, the parent of Centennial Bank, announced the deal in November. At the time, it was billed as an $88.5 million deal that would push the company beyond the $10 billion-asset mark.
Giant Holdings is the parent of Landmark Bank. The deal officially closed on Thursday.
"The acquisition of Landmark is another example of our ability to make smart, strategic deals that are immediately accretive to diluted earnings per share, book value and tangible book value," Home BancShares Chairman John Allison said in a news release. "This merger provides added shareholder value on day one while increasing our market share in the Ft. Lauderdale area. Jeff Roschman and his great team of bankers are an excellent addition to our Company."
As of January, GHI had about $396.9 million in total assets, $329.4 million in loans, and $302.6 million in deposits. With the completion of the acquisition, the Home BancShares now operates 76 branches in Arkansas, 65 branches in Florida, six branches in South Alabama and one in New York City.
Under the terms of the agreement, Home will issue about 2.7 million shares of its common stock valued at about $77.5 million as of Thursday, plus about $18.5 million in cash in exchange for all outstanding shares of Giant common stock.