Home BancShares, Inc. and Broward Financial Holdings, Inc. Announce Signing of Definitive Agreement

CONWAY, Jul 30, 2014 (GLOBE NEWSWIRE via COMTEX) Home BancShares, Inc. (Nasdaq:HOMB) ( Home or the Company ), parent company of Centennial Bank ( Centennial ), and Broward Financial Holdings, Inc. ( Broward ), parent company of Broward Bank of Commerce ( Broward Bank ), today announced the signing of a definitive agreement for Home to acquire Broward. Under the terms of the agreement, Broward Bank will merge into Centennial and shareholders of Broward will receive proceeds from the transaction between $33,060,001 and $33,960,001 as a combination of both Home common stock and cash split 90% and 10%, respectively. This purchase price includes the conversion of currently outstanding Broward stock warrants into $3.0 million of Broward common equity before closing. As a result, the purchase price is priced between 1.645 and 1.649 of pro forma tangible common equity as of June 30, 2014. Broward currently operates two banking locations in Fort Lauderdale, Florida. As of June 30, 2014, Brow
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