Home BancShares Announces Acquisition

Centennial Bank

Home BancShares, Inc., parent company of Centennial Bank, announced on Monday the acquisition of Shore Premier Finance, a division of Union Bank & Trust of Richmond, Virginia, the bank subsidiary of Union Bankshares Corporation, effective as of the end of the day on June 30, 2018. Under the terms of the agreement, Union received proceeds from the transaction consisting of approximately $374.5 million in cash, subject to certain post-closing adjustments, and 1,250,000 shares of Home common stock. 

Shore Premier Finance currently provides direct consumer financing to United States Coast Guard (“USCG”) registered high-end sail and power boats.  Additionally, SPF provides inventory floor plan lines of credit to marine dealers, primarily those selling USCG documented vessels.  As of the closing of the acquisition, SPF had approximately $384.2 million in total assets, including $383.4 million in total loans.    MORE

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