Centennial Bancshares was merged with HBI Acquisitions, a subsidiary of the company. Centennial Bank will maintain its separate community bank identity with the same board of directors, management and staff.
The accredited shareholders of Centennial Bancshares have received 16.81 shares of Home Bancshares for each share of Centennial Bancshares owned. The merger agreement further provides for earn out based upon 2008 earnings of up to a maximum of $4 million which can be paid at the election of the accredited shareholders in cash or stock of Home BancShares.
