Home BancShares Announces $4.4 Million Recovery

Home BancShares HOMB today announced it has recovered $4.4 million in charged off loans from a previously reported loss in the fourth quarter of 2010. Debt settlement arrangements of $4.4 million were completed last week with $3 million received from New York litigation and $1.4 million from collection action in Arkansas. These funds will be added to the bank's loan loss reserves. "In January, when Home BancShares released our 2010 fourth quarter results, we promised to aggressively pursue repayment of charge offs," said John Allison, Chairman. "This recovery is important, but make no mistake additional collection efforts will continue for any and all charge-offs we've incurred."