CONWAY, Ark. — Centennial Bank announced Thursday its acquisition of Vision Bank of Florida for a purchase price of $27.9 million.
Centennial, a wholly-owned subsidiary of Conway's Home BancShares, Inc. (NASDAQ GS: HOMB), purchased all 17 banking locations operated by Vision, a Florida state-chartered bank and a wholly owned subsidiary of the publicly traded Park National Corporation (“Park”). As part of the deal, originated on Nov. 16, 2011, Centennial purchased loans with an unpaid principal balance of $354 million and assumed deposit liabilities of $520 million from Vision.
At the time of the acquisition, Vision operated a total of 17 banking locations in Gulf Coast communities of Baldwin County, Ala., and the Florida Panhandle, including its main office located in Panama City, Fla. The Vision branch locations were sold as “clean” bank branches. As such, Centennial purchased only the performing loans and other related assets of Vision, while Park retained Vision’s non-accrual loans, including all loans past due 90 days or more. All deposits and the related other liabilities were assumed by Centennial.