Centennial Bank, a wholly-owned subsidiary of Home BancShares, Inc., announced Friday it acquired all the deposits and substantially all the assets of Doral Bank’s Florida Panhandle operations.

The acquisition came through an agreement with the Federal Deposit Insurance Corporation according to Eric King, the vice president of marketing for Centennial Bank, in Conway, Ark.

Depositors of Doral Florida automatically become depositors of Centennial, and their deposits will continue to be insured by the FDIC up to the legal limit.

Customers may access their accounts through automated teller machine transactions, checks, online banking and debit card transactions. Doral Florida locations opened Saturday as branches of Centennial.

Checks drawn on Doral Florida will continue to be processed, and loan customers should continue to make their payments as usual.

The two banks are expected to share a single operating system by July 17.

“Doral Florida customers may continue banking as usual and feel confident their deposits are secure, now backed by one of the country's most respected community banking institutions,” the news release said. “Customers, vendors and employees should continue to operate business as usual.”

Doral Florida operated five branch locations in Panama City, Panama City Beach and Pensacola, plus a loan production office in Tallahassee. Prior to the acquisition, Centennial operated 29 branch locations in the Panhandle. Centennial will evaluate these additional locations and branch closings will come after the July 17 conversion.

Financial Highlights

The acquisition is expected to provide Centennial:

— Loans of approximately $42.2 million before loan discounts,

— Deposits of approximately $466.0 million including $339.5 million of time deposits and

$126.5 million of transaction and savings accounts.

— Plus a significant cash settlement to balance the transaction.

— There is no loss-share with the FDIC in the acquired assets.

— The Company is buying the assets at a discount of approximately $5.9 million which is expected to yield a one-time pre-tax bargain purchase gain of approximately $2.0 million,