LITTLE ROCK — Centennial Bank said Tuesday it has reached an agreement to buy Premier Bank Holding Co. of Tallahassee, Fla.

Centennial Bank is owned by Home Bankshares Inc. of Conway.

The purchase, expected to close late this year, is subject to approval by federal regulators and the terms and conditions of the sale agreement. The purchase price was not disclosed.

Premier Bank Holding reported a $10.3 million loss in 2011 and had $296.5 million in assets at the end of the year.

Established in 1995, Premier has a staff of 70 and seven locations in the Tallahassee area.