Home BancShares (HOMB) announced the acquisition of Shore Premier Finance, a division of Union Bank & Trust of Richmond, Virginia, the bank subsidiary of Union Bankshares Corporation (UBSH), effective as of the end of the day on June 30, 2018. Under the terms of the agreement, Union received proceeds from the transaction consisting of approximately $374.5M in cash, subject to certain post-closing adjustments, and 1,250,000 shares of Home common stock. Shore Premier Finance currently provides direct consumer financing to United States Coast Guard registered high-end sail and power boats. Additionally, SPF provides inventory floor plan lines of credit to marine dealers, primarily those selling USCG documented vessels. As of the closing of the acquisition, SPF had approximately $384.2M in total assets, including $383.4 million in total loans. This portfolio of loans will now be housed in a division of Centennial known as Shore Premier Finance. The Shore Premier Finance division of Centennial will be responsible for servicing the acquired loan portfolio and originating new loan production. In connection with this acquisition and the creation of the Shore Premier Finance division of Centennial, Centennial has notified the Arkansas State Bank Department of its plans to establish a new loan production office in Chesapeake, Virginia. The loan production office is anticipated to open in July 2018, pending confirmation of no objection. Once the loan production office has been established, the Shore Premier Finance division of Centennial will continue its vision to build out a national lending platform focusing on commercial and consumer marine loans.
