Home BancShares Inc., the parent company of Centennial Bank, has finalized its acquisition of Florida Traditions Bank, and its branches located in eastern Pasco and Hillsborough counties, among other places.
Terms of the deal were not disclosed, but previous published reports put the sale at $43 million in stock. The combined Centennial Bank will now boast $7 billion in total assets, and $5.5 billion in total deposits in nearly 150 branches in Florida, Arkansas and Alabama.
Bud Stalnaker, the chief executive of Florida Traditions, will stay on with the new Centennial as division president for Central Florida.
“We are equally excited about the opportunities this acquisition provides our customers and employees,” Stalnaker said, in a release. “Joining Centennial not only enhances our service capabilities, but also allows our focus to remain on outstanding community banking.”
Florida Traditions was founded in 2007 by a group of East Pasco County business owners who saw a need for a locally owned and locally managed bank, according to the company’s website. It had eight branches in Zephyrhills, Dade City, Spring Hill, Winter Haven, Lakeland, Plant City, Kissimmee and St. Cloud.
Home BancShares, based in Conway, Arkansas, recorded a profit of $27.3 million in the first quarter through March 31, according to filings with the U.S. Securities and Exchange Commission.
