Home BancShares buying Happy Bancshares to enter the Texas market

Home BancShares Inc. HOMB,
+ 0.81%
said Wednesday it will buy Happy Bancshares in a total stock merger valued at about $ 919 million to establish a presence in Texas, with more acquisitions in the state on the horizon. Home BancShares was already the parent company of Happy Bancshares, but did not own the private shares for the lender. Home BancShares, based in Arkansas, said Happy Bancshares shareholders will receive 2.17 shares of Home BancShares shares for every Happy Bancshares share. Home BancShares said the deal will result in an increase in earnings per share of 5.5% and 9.2% for 2022 and 2023. With total assets of $ 23.3 billion, loans of $ 13,400 $ 1 billion and $ 18.7 billion deposits, the bank will rank as one of the 75 largest banks based in the United States Home BancShares will continue to operate as a Centennial Bank in its current markets. The merger is expected to end in March 2022. Home BancShares shares have increased 8% so far this year, compared to a 27.2% increase in the Financial Select Sector SPDR ETF XLF,

Credit – https://www.marketwatch.com/story/home-bancshares-buying-happy-bancshares-to-enter-texas-market-2021-09-15