Home BancShares, Inc. acquires Happy State Bank in all-stock merger
AMARILLO, Texas (KFDA) - Home BancShares, Inc., the parent company of Centennial Bank, has acquired Happy Bancshares, Inc., the parent company of Happy State Bank, in an all-stock merger.
According to a news release, the combination grants Home BancShares access to the high growth Texas market and positions Home BancShares to expand further into Texas and potentially acquire additional institutions over time.
The release says the merger was unanimously approved by the Boards of directors of both companies.
The aggregate transaction value is around $919 million.
As part of the agreement, they say the name will stay the same as they will continue to do business in Texas as Happy State Bank.
They will also keep the same “happy” culture.
Both companies believe this is a perfect match.
“HOMB BancShares/Centennial Bank is the perfect partner. They think like us and act like us. They are community-focused like us and they serve both rural and metropolitan areas. Forbes has rated HOMB as one of the top ten performing banks in the United States, every year, for the past six years. I have no doubt that they will build on our storied culture of excellence to our customers, stockholders and employees,” said J. Pat Hickman, chairman of Happy State Bank.
They believe joining forces will provide potential for growth across the state.
“Everybody seems to be excited on both sides of the fence and this truly is a great opportunity to get into Texas and get into these good markets and have an opportunity to get in,” said John Allison, Chairman and CEO of Home BancShares, Inc.
He also says a lot of Happy State Bank’s employees will get to stay.
“We’re going to need their people, they should help us with some stuff... I think the combination of their trust department and our trust department, there’s going to be a lot of people who get to stay employed at Happy Bank that might not have made it, made the cut if it’d been a Texas bank buying it,” said Allison.
The transition is expected to be finalized in late 2022, until then business will continue as usual and they will keep its customers informed along the way.
For the full release, click here.
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