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Arkansas bank acquires Fort Lauderdale's Landmark Bank

A merger occurs when two companies decide to come together as one to increase long-term profits and expand their operations. In fact, many business law matters center on acquisitions where a larger company acquires a smaller company. A recent acquisition of a Fort Lauderdale bank may mean big things for the parent company of an Arkansas bank.

Home BaneShares, parent company of Centennial Bank in Arkansas, recently acquired Landmark Bank, based in Fort Lauderdale. Home BaneShares (Nasdaq: HOMB) announced the acquisition in November for $88.5 million, but the final price ended up being $96 million due to an increase in HOMB's share value. Shareholders of Landmark Bank's parent company, Giant Holdings Inc. received over $77 million in HOMB stock and close to $20 million in cash. With the stability and reputation of Centennial, the chairman of Giant Holdings believes that his company will benefit greatly from the acquisition. The availability of new products with a proven track record of success combined with quality banking service will likely make the merger a hit among customers.

Various mergers and acquisitions, as well as the financial crisis, has significantly cut down the number of banks in the Fort Lauderdale area. However, this can be beneficial to certain businesses. For example, Centennial Bank already has $10 million in assets and the acquisition of Landmark allows HOMB to increase its market share in Fort Lauderdale.

There is no limit to the potential benefits of a well-thought out business merger or acquisition. Business owners need to carefully consider all options before making the big decision to join or acquire another company.

Source: South Florida Business Journal, "Sale of Landmark Bank to Arkansas bank closes for $96M," Brian Bandell, Feb. 24, 2017

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