Under the acquisition, Centennial paid almost $27.9m to Vision, for its loans with an unpaid principal balance of nearly $354m and assumed deposit liabilities of approximately $520m.
Vision’s branch locations were sold as "clean" bank branches, although the purchase involved only the performing loans and the related other assets of Vision. The bank’s non-accrual loans, including all loans past due 90 days or more were retained by Park.
Centennial plans to integrate its operating system with Vision by April 2012, and until then the customers of both banks will continue to carry their businesses at current Centennial or Vision branches and can also use Centennial and Vision ATMs free of charge, Centennial said.
Centennial Bank market president of the new Centennial Bank locations in Florida Joey Ginn said its customers will immediately see the benefits of these acquisitions with more locations, additional products and services and a team of experienced and dedicated bankers to service their needs.
Vision Bank, a wholly owned subsidiary of the publicly traded Park National, owns 17 banking locations in the Gulf Coast communities of Baldwin County, Alabama and the Florida Panhandle, including its main office located in Panama City, Florida, US at the time of acquisition.
