Centennial Bank buys Tampa lender for $102M

TAMPA -- A bank formed in the midst of a wave of mergers and acquisitions in the late 1990s is now being acquired itself.

Florida Business BancGroup Inc., parent of Tampa-based Bay Cities Bank, was acquired by Centennial Bank's parent, Home BancShares Inc. The deal, once it closes, is expected to be worth $101.6 million in both cash and stock.

“We believe the merger provides immediate and long-term value to our shareholders, and will offer our customers the benefits of Centennial Bank's considerable resources and range of products,” says Gregory Bryant, president and CEO of Bay Cities, in a release.