Home BancShares, the parent company of Centennial Bank, has signed a definitive agreement to acquire Florida Business BancGroup (FBBI), the parent company of Bay Cities Bank.
The deal, once it closes, is expected to be worth $101.6m in both cash and stock.
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Under the terms of the agreement, FBBI will merge into Home BancShares while Bay Cities Bank will be integrated to Centennial Bank.
The acquisition, which is expected to close late in the third quarter or early in the fourth quarter of 2015, is expected to add about $540.5m in total assets, $391.7m in loans, and $461.4m in deposits to Home BancShares, totaling its assets to approximately $8.5bn.
Home BancShares chairman John Allison said: "This is a smart, strategic acquisition for Home which allows us to increase our market share in the Tampa area, while continuing to increase shareholder value with disciplined pricing.
"There is no dilution in this transaction for our shareholders. It will be immediately accretive to diluted earnings per share, book value and tangible book value on day one."
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