Home BancShares to acquire Happy Bancshares

Arkansas-based Home BancShares, Inc., the parent company of Centennial Bank, and Happy Bancshares, Inc., the parent company of Happy State Bank, jointly announced that they have entered into a definitive merger agreement pursuant to which Home BancShares will acquire Happy Bancshares in an all-stock merger, with Home BancShares as the surviving entity.

The transaction is consistent with Home BancShares’ M&A track record. The pro forma bank will be approximately $23.3 billion in assets, $13.4 billion in loans and $18.7 billion in deposits making it one of the 75 largest banks headquartered in the United States.

Home BancShares will continue to be headquartered in Conway, Ark. and operate as Centennial Bank in its current markets. As part of the transaction, Home BancShares will add J. Pat Hickman, current Happy Bancshares Chairman, to its Board of Directors. Happy Bancshares CEO, Mikel Williamson will join the Centennial Bank executive team while additional Happy State Bank executives are to maintain leadership roles in Texas markets. Following completion of the merger, branches located in Texas will be branded Happy State Bank, a Division of Centennial Bank.

“Happy State Bank is excited to join forces with one of the top performing banks in the country,” said J. Pat Hickman, chairman of Happy Bancshares.

John Allison, co-founder, chairman, president and CEO of Home BancShares, stated, “We have expressed our desire to return to Texas for several years. We are thrilled to have found such a quality bank to partner with to make this expansion a reality.”

The merger is expected to close early in the first quarter of 2022.