Texas Lender Purchase Completed
Home BancShares Inc. now officially operates in Texas as Happy State Bank.
Conway’s lender announced on Friday that it has completed the acquisition of Happy Bancshares Inc. of Amarillo, which operates as Happy State Bank in begging Texas and other key markets in the state, such as than 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,” said John Allison, President and CEO of Home BancShares. in a statement Friday. “The long-awaited entry into Texas has come at the right time and with all the right attributes. We expect this to be the start of a bright future for Texas.”
Home BancShares will soon be joined in Texas markets by Simmons First National Corp., which is expected to complete its $581 million deal next week to buy Spirit of Texas Bancshares Inc. A bank spokesperson said Friday that Simmons will close April 8 and convert operations over the weekend, opening as Simmons Bank in key markets including Austin, College Station, Houston and San Antonio. The bank will also add additional properties in the Dallas-Fort Worth area, where it has operated for several years.
Home BancShares is jumping to 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 southern Alabama and one branch in New York.
“Centennial Bank welcomes customers, the talented banking team and the many shareholders of Happy State Bank and is excited about 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 common shares, valued at about $958.8 million on Friday. The bank is also paying Happy shareholders $3.1 million to cancel their stock appreciation rights.
Shares of Home BancShares fell 5 cents to close Friday at $22.55. Simmons shares fell 33 cents to end the week at $25.89.