CONWAY, Ark., April 20, 2010 (GLOBE NEWSWIRE) -- Home BancShares, Inc.'s (Nasdaq:HOMB) Board of Directors declared a regular $0.06 per share quarterly cash dividend payable June 2, 2010, to shareholders of record May 12, 2010. This cash dividend is equal to the cash dividend paid over the past five consecutive quarters. In addition, the Board of Directors declared a 10% stock dividend payable June 4, 2010 to shareholders of record May 14, 2010.
The second quarter of 2010 cash dividend declaration of $0.06 per common share is the maximum cash dividend allowed pursuant to its agreement with the United States Department of the Treasury. When the Company issued $50.0 million of Fixed Rate Cumulative Perpetual Preferred Stock to the Treasury in January of last year, the agreement limited future cash dividends to not more than the last quarterly cash dividend declared prior to October 14, 2008. The consent of the Treasury will be required for any increases in the $0.06 per share dividends on the common shares until the third anniversary of the date of the preferred shares investment unless prior to such third anniversary, the preferred shares are redeemed in whole or the Treasury has transferred all of the preferred shares to third parties.
Home BancShares, Inc. is a bank holding company, headquartered in Conway, Arkansas. Our wholly-owned subsidiary Centennial Bank provides a broad range of commercial and retail banking plus related financial services to businesses, real estate developers, investors, individuals and municipalities. Centennial Bank has locations in central Arkansas, north central Arkansas, southern Arkansas, the Florida Keys, central Florida and southwestern Florida. The Company's common stock is traded through the NASDAQ Global Select Market under the symbol "HOMB."
This release contains forward-looking statements regarding the Company's plans, expectations, goals and outlook for the future. Statements in this press release that are not historical facts should be considered forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements of this type speak only as of the date of this news release. By nature, forward-looking statements involve inherent risk and uncertainties. Various factors, including, but not limited to, economic conditions, credit quality, interest rates, loan demand and changes in the assumptions used in making the forward-looking statements, could cause actual results to differ materially from those contemplated by the forward-looking statements. Additional information on factors that might affect Home BancShares, Inc.'s financial results are included in its Form 10-K, filed with the Securities and Exchange Commission in March 2010.