Home BancShares Inc. will acquire Florida-based Stonegate Bank as part of a $778.4 million deal, the Conway-based parent company of Centennial Bank said.
The merger, announced Monday afternoon at the Little Rock Regional Chamber, will give the combined company about $13.5 billion in total assets, according to a news release.
John Allison, chairman of Home BancShares, called the merger “a game-changer” for the company in the Florida market.
Stonegate Bank currently operates 25 branch locations in Florida, with a significant presence in Broward and Sarasota counties, the release states.
The acquisition is set to close in the fourth quarter of 2017, pending approval from shareholders and regulatory officials.
Read Tuesday’s Arkansas Democrat-Gazette for full details.