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SARASOTA — Home BancShares Inc. has completed its $4.2 million purchase of Sarasota-based The Bank of Commerce, the company announced this week.
Per an agreement contained in Bank of Commerce Holdings' bankruptcy filing, the parent of Centennial Bank paid cash for all outstanding shares of Bank of Commerce and merged the bank into Centennial as of the close of business Feb. 28, according to a statement.
With the deal, Conway, Ark.-based Home BancShares now operates 68 branches in Florida, and 151 overall in four states — Arkansas, Florida, Alabama and New York.
“The completion of this transaction provides expanded service to The Bank of Commerce customers as well as to our current customers,” says John W. Allison, Home BancShares' chairman.
As of January, Bank of Commerce had roughly $182.5 million in total assets, $127.5 million in total loans and $141.7 million in deposits.
Centennial intends to fully integrate Bank of Commerce operations in the second quarter of this year.
Tracy French, Centennial's president and CEO, says the acquisition will allow Bank of Commerce customers in the Sarasota area to “access expanded products, services and locations.”
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