BOSSIER CITY, La.–Barksdale FCU said it has completed its purchase and assumption of Greenbrier, Ark.-based HomeBank of Arkansas.
The deal includes all deposits and substantially all loans.
HomeBank was founded in 1908.
All five of HomeBank’s branch offices in Damascus, Portland, Greenbrier, Marshall and Little Rock in Arkansas will operate as BFCU branch offices, increasing BFCU’s total number of branches to 30, employees to 425 and total assets to approximately $2.1 billion.
Terms of the deal were not disclosed. At the time of acquisition, HomeBank had $73.8-million in assets. It posted a net loss of $419,000 at year-end 2020, and a net loss of $984,000 at year-end 2019. It was profitable through the first three quarters of 2021, according to TalkBusiness.net.
BFCU noted it currently operates 25 branches throughout north and central Louisiana and in Longview, Texas.
‘Expands Our Footprint’
“We are excited to announce the acquisition of HomeBank of Arkansas. We look forward to being a part of the Arkansas communities that HomeBank serves and welcome HomeBank’s customers and employees into the BFCU family,” said Patrick Gullatt, BFCU’s President and CEO. “This acquisition expands our footprint into Arkansas, and it will result in expanded product, service and technology offerings for HomeBank’s customers as well. We mutually feel that this is an ideal fit, as we are both deeply engaged in the communities we serve, have a strong organizational culture, and a sincere care for our members’ and customers’ financial wellness.”
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