July 31--The parent company of the Broward Bank of Commerce was sold Wednesday to
Broward Financial Holdings was acquired Wednesday by the Conway, Ark.-based company for a package valued between $33.06 and $33.96 million.
Broward Bank of Commerce has two locations in Fort Lauderdale. The acquisition represents Centennial Bank's first expansion into Broward County.
"This is a nice opportunistic acquisition which allows us to further our current Florida footprint into attractive, long-term growth markets on the east coast of Florida," John Allison, chairman of Home BancShares, said in a news release.
As of June 30, Broward Bank of Commerce held $168.5 million in assets. It was recently ranked 12th of the top 200 healthiest banks in 2014 by DepositAccounts.com, according to the news release.
Shareholders of Broward Financial will receive 90 percent stock and 10 percent cash, which includes the conversion of outstanding Broward Financial stock warrants into $3 million of common equity before closing.
The deal is expected to close in the fourth quarter of 2014, pending regulatory approval. The banks will convert to a single operating system on Nov. 14, the news release said.
Broward Bank of Commerce did not respond to requests for comment.
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