Home Bancshares in Conway, Ark., has agreed to acquire Broward Financial Holdings in Fort Lauderdale, Fla.
The $6.8 billion-asset Home will pay $33 million to $34 million in cash and stock for the $168.5 million-asset Broward. The deal is expected to close in the fourth quarter, pending shareholder and regulatory approvals.
The deal price includes the conversion of Broward's outstanding stock warrants into $3 million of Broward common equity before closing.
Broward, which has two branches in Fort Lauderdale, had $110.8 million in loans and $143.8 million in deposits as of June 30.
"We are very pleased to have an opportunity to expand our South Florida footprint," Randy Sims, the chief executive officer of Home, said in a press release Wednesday. "The regional economy is growing, and the unemployment rate remains below the Florida state average in the Fort Lauderdale metropolitan division."
Home Bancshares this year purchased Florida Traditions Bank in Dade City, Fla., for $43 million.