Home BancShares buying Happy Bancshares to enter Texas market

Home BancShares Inc. said Wednesday it'll buy Happy Bancshares in an all-stock merger valued at about $919 million to establish a presence in Texas, with more acquisitions in the state on the horizon. Arkansas-based Home BancShares said Happy Bancshares shareholders will receive 2.17 shares of Home BancShares stock for each share of Happy Bancshares. Home BancShares said the deal will result in increases to earnings per share of 5.5% and 9.2% for 2022 and 2023. With a combined $23.3 billion in assets, $13.4 billion in loans and $18.7 billion in deposits, the bank will rank as one of the 75 largest banks based in the U.S. Home BancShares will continue to operate as Centennial Bank in its current markets. The merger is expected to close by March, 2022. Shares of Home BancShares are up 8% so far this year, compared to a rise of 27.2% by the Financial Select Sector SPDR ETF . Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

Home BancShares buying Happy Bancshares to enter Texas market
Home BancShares Inc. said Wednesday it'll buy Happy Bancshares in an all-stock merger valued at about $919 million to establish a presence in Texas, with more acquisitions in the state on the horizon. Arkansas-based Home BancShares said Happy Bancshares shareholders will receive 2.17 shares of Home BancShares stock for each share of Happy Bancshares. Home BancShares said the deal will result in increases to earnings per share of 5.5% and 9.2% for 2022 and 2023. With a combined $23.3 billion in assets, $13.4 billion in loans and $18.7 billion in deposits, the bank will rank as one of the 75 largest banks based in the U.S. Home BancShares will continue to operate as Centennial Bank in its current markets. The merger is expected to close by March, 2022. Shares of Home BancShares are up 8% so far this year, compared to a rise of 27.2% by the Financial Select Sector SPDR ETF . Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.