Home in Arkansas Close to Buying Unnamed Florida Bank

Home BancShares in Conway, Ark., could be close to buying another bank.

The $9.6 billion-asset company disclosed in a recent regulatory filing that it has a letter of intent to buy an unnamed banking company in Florida with about $400 million in assets. Home said it could pay $88.5 million in cash and stock for the bank.

Home noted in the Sept. 22 prospectus, filed in conjunction with Chief Executive Johnny Allison's plans to sell $61 million in stock, that it had yet to reach a definitive agreement to buy the bank.

The deal, if locked down, could be completed early next year, the filing said.

Home has acquired 17 banks since 2008. It has nearly 150 branches in Arkansas, Florida and Alabama.