Home BancShares, Inc. (NASDAQ:HOMB) Files An 8-K Regulation FD Disclosure
Item7.01
| Regulation FD Disclosure. |
Home BancShares, Inc. (Home or the Registrant) hereby furnishes
its March1, 2017 press release announcing the completion of its
acquisition of The Bank of Commerce. A copy of the press release
is attached hereto as Exhibit 99.1 and incorporated herein by
reference.
| Item8.01 | Other Events. |
On February28, 2017, Home, parent company of Centennial Bank
(Centennial), completed its previously announced acquisition of
all of the issued and outstanding shares of common stock of The
Bank of Commerce, a Florida state-chartered bank that operates in
the Sarasota, Florida area (BOC), to an Acquisition Agreement
(the Agreement), dated December1, 2016, by and between Home and
Bank of Commerce Holdings, Inc. (BCHI), parent company of BOC
(the Acquisition). Home merged BOC with and into Centennial
effective as of the close of business on February28, 2017.
The Acquisition was conducted in accordance with the provisions
of Section363 of the United States Bankruptcy Code (the
Bankruptcy Code) to a voluntary petition for relief under Chapter
11 of the Bankruptcy Code filed by BCHI with the United States
Bankruptcy Court for the Middle District of Florida (the
Bankruptcy Court). The sale of BOC by BCHI was subject to certain
bidding procedures approved by the Bankruptcy Court. On
November14, 2016, Home submitted an initial bid to purchase the
outstanding shares of BOC in accordance with the bidding
procedures approved by the Bankruptcy Court. An auction was
subsequently conducted on November16, 2016, and Home was deemed
to be the successful bidder. The Bankruptcy Court entered a final
order on December9, 2016 approving the sale of BOC to Home to and
in accordance with the Agreement.
Under the terms of the Agreement, Home paid an aggregate of
approximately $4.2 million in cash for the Acquisition, which
included the purchase of all outstanding shares of BOC common
stock, the discounted purchase of certain subordinated debentures
issued by BOC from the existing holders of the subordinated
debentures, and an expense reimbursement to BCHI for approved
administrative claims in connection with the bankruptcy
proceeding.
| Item9.01 | Financial Statements and Exhibits. |
| (d) | Exhibits |
| 2.1 |
Acquisition Agreement By and Between Home BancShares, Inc. and Bank of Commerce Holdings, Inc., dated December1, 2016 (incorporated by reference to Exhibit 2.1 to Home BancShares, Inc.s Current Report on Form 8-K, filed on December7, 2016). |
|||
| 99.1 |
Press Release: Home BancShares, Inc. Announces Completion of the Acquisition of The Bank of Commerce. |
About Home BancShares, Inc. (NASDAQ:HOMB)
Home BancShares, Inc. is a bank holding company. The Company is engaged in providing a range of commercial and retail banking, and related financial services to businesses, real estate developers and investors, individuals and municipalities through its community bank subsidiary, Centennial Bank (the Bank). The Company offers a range of products and services, including 24-hour Internet banking, mobile banking and voice response information, cash management, overdraft protection, direct deposit, safe deposit boxes, United States savings bonds and automatic account transfers. Cook Insurance Agency, Inc. is an independent insurance agency. Centennial Insurance Agency writes policies for commercial and personal lines of business, including insurance for property, casualty, life, health and employee benefits. The Centennial Bank trust department offers an array of trust services. These trust services is focused on personal trusts, corporate trusts and employee benefit trusts. Home BancShares, Inc. (NASDAQ:HOMB) Recent Trading Information
Home BancShares, Inc. (NASDAQ:HOMB) closed its last trading session up +0.92 at 29.06 with 442,888 shares trading hands.
