Home BancShares Inc. is expanding into Texas with the $919 million acquisition of Happy Bancshares Inc. in an all-stock transaction that the Conway bank says will be “immediately triple accretive” to earnings beginning next year and through 2023.
The acquisition, announced this morning before the stock market opened, will give Home BancShares assets of more than $23 billion, a 30% increase. Home BancShares will be the controlling entity and its management team will run the combined banks.
The company said earnings per share will increase by 5.5% next year and by 9.2% by 2023. Book value per share will jump 5.1% per share and tangible book value per share of 1.5% as a result of the transaction.
The deal is expected to close in the first quarter of 2022.