Home BancShares Inc. of Conway announced the signing of a definitive agreement worth $280 million for Liberty Bancshares Inc. of Jonesboro to merge into HOMB. Under the terms of agreement, shareholders of Liberty will receive $250 million of HOMB common stock plus $30 million in cash. The price represents a multiple of 1.06 times actual shareholder equity and about 1.6 times book value when intangibles like goodwill are included. Centennial operates a full-service branch network with 51 locations in Florida, 46 locations in Arkansas and seven in Alabama with a companywide staff of 895. The bank reported net income of $18.1 million during the first quarter.