Bank holding company Home BancShares Inc (HOMB.O) said it would acquire regional lender Stonegate Bank (SGBK.O) in a cash-and-stock deal valued at about $778.4 million.
Florida-based Stonegate will merge into Home BancShares' unit, Centennial Bank.
Stonegate shareholders will receive proceeds of about $749.8 million, which consists of about $50 million in cash and about $699.8 million of Home BancShares stock.
"This is another 'Triple A' transaction for Home: accretive to earnings per share, accretive to book value and accretive to tangible book value," Home BancShares Chairman John Allison said in a statement on Monday.
Home BancShares acquired Giant Holdings Inc in November through which Giant's unit, Landmark Bank, merged into Centinnal Bank.
RBC Capital Markets LLC was Home's financial adviser in the deal, while Stonegate was advised by Keefe, Bruyette & Woods.
The deal is expected to close in the fourth quarter of 2017, the company said.
(Reporting by Nikhil Subba in Bengaluru; Editing by Maju Samuel)