CONWAY, Ark., April 22, 2009 (GLOBE NEWSWIRE) -- Home BancShares, Inc.'s (Nasdaq:HOMB) Board of Directors declared a regular $0.060 per share quarterly cash dividend payable June 3, 2009, to shareholders of record May 13, 2009. This cash dividend is equal to the cash dividend paid during the first quarter of 2009 and represents a $0.009 per share or 17.6% increase over the stock dividend adjusted $0.051 per share paid during the second quarter of 2008.
The second quarter of 2009 cash dividend declaration of $0.060 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 this 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 $0.060 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, with bank subsidiaries that provide a broad range of commercial and retail banking and related financial services to businesses, real estate developers and investors, individuals and municipalities. The bank subsidiaries have locations in central Arkansas, north central Arkansas, southern Arkansas, the Florida Keys and southwestern Florida. Recently, the Company announced plans to combine the charters of its banks into a single charter and adopt Centennial Bank as their common name. This combination is in process and is expected to be completed by June of this year. 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 2009.