Centennial Bank, a wholly owned subsidiary of Conway, Ark.-based Home BancShares Inc., has signed a definitive agreement to acquire all of the banking locations of Vision Bank (Vision), a wholly owned subsidiary of the publicly traded Park National Corp.
The acquisition includes 17 bank locations in Baldwin County, Ala., and the Florida Panhandle. Centennial Bank plans to purchase only the banking locations, along with the majority of the performing loans and related other assets. Substantially all of the deposits and other related liabilities will also be assumed by Centennial. Vision will retain the remaining performing loans, along with all nonperforming loans and other real estate owned at closing.
Centennial expects to obtain performing loans of approximately $378.6 million and approximately $535 million of deposits.