Lender’s purchase in Texas complete

Home BancShares adds key markets

The logo for Home BancShares Inc., which does business in Arkansas as Centennial Bank, is shown during a press conference in Little Rock in this March 2017 file photo. (Arkansas Democrat-Gazette/Staton Breidenthal)
The logo for Home BancShares Inc., which does business in Arkansas as Centennial Bank, is shown during a press conference in Little Rock in this March 2017 file photo. (Arkansas Democrat-Gazette/Staton Breidenthal)

Home BancShares Inc. is now officially operating in Texas as Happy State Bank.

The Conway lender announced Friday that it closed on the acquisition of Happy Bancshares Inc. of Amarillo, which operates as Happy State Bank in the Texas panhandle and other key markets in the state, such as Dallas and Austin. The transaction is valued at $961.9 million and includes $3.1 million in cash.

"The completion of the acquisition of Happy State Bank is a pivotal moment for Home and is another example of our ability to make smart, strategic deals that are immediately accretive," John Allison, chairman, president and chief executive officer of Home BancShares, said in a statement Friday. "The long-awaited entry into Texas came at just the right time and with all the right deal attributes. We expect this to be the beginning of a bright future in Texas."

Home BancShares soon will be joined in Texas markets by Simmons First National Corp., which is scheduled to close next week on its $581 million agreement to buy Spirit of Texas Bancshares Inc. A bank spokesman said Friday that Simmons will close April 8 and convert operations over the weekend, opening as Simmons Bank in key markets that include Austin, College Station, Houston and San Antonio. The bank also will add additional properties in the Dallas-Fort Worth area, where it has been operating for several years.

Home BancShares is jumping into Texas for the first time and will operate as Happy State Bank. At the end of 2021, Happy Bancshares had $6.81 billion in total assets, $3.59 billion in loans, and $5.81 billion in deposits. With the acquisition, Home BancShares operates 76 branches in Arkansas, 78 branches in Florida, 62 branches in Texas, five branches in South Alabama and one branch in New York City.

"Centennial Bank welcomes the customers, talented team of bankers and numerous shareholders of Happy State Bank and looks forward to the added value this merger will bring to our franchise," said Tracy French, president and chief executive officer of Centennial Bank. Home BancShares is the parent company of Centennial Bank.

Home BancShares is issuing about 42.4 million shares of its common stock, valued at approximately $958.8 million as of Friday. The bank also is paying $3.1 million to Happy shareholders to cancel their stock appreciation rights.

Home BancShares' stock fell 5 cents to close Friday at $22.55. Simmons shares fell 33 cents to end the week at $25.89.

Upcoming Events