Home BancShares (HOMB) in Conway, Ark., has agreed to buy Florida Traditions Bank in Dade City, Fla.
The $6.8 billion-asset Home said in a press release late Thursday that it will pay $43 million stock for the $312 million-asset Florida Traditions. Home said it expects to complete the acquisition by early in the fourth quarter.
Florida Traditions also has eight branches in central Florida, along with $249 million in loans and $279 million in deposits. At one point, Kenneth Lehman, an individual who is making large investments in community banks, owned an 11% stake in the bank.
"We continue to execute on our very successful acquisition strategy in Florida and are happy to report another pending strategic in-market acquisition," John Allison, Home's chairman, said in the release. "We look forward to continuing to serve the needs of these communities."