FORM 4 Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

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(Print or Type Responses)

1. Name and Address of Reporting Person * ALLISON JOHN W   2. Issuer Name and Ticker or Trading Symbol HOME BANCSHARES INC [HOMB] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable) __X__ Director __X__ 10% Owner _____ Officer (give title below) _____ Other (specify below) (Last) (First) (Middle) P.O. BOX 966 3. Date of Earliest Transaction (Month/Day/Year) 08/01/2006 (Street) CONWAY, AR 72033 4. If Amendment, Date Original Filed(Month/Day/Year) 6. Individual or Joint/Group Filing(Check Applicable Line) _X_ Form filed by One Reporting Person ___ Form filed by More than One Reporting Person (City) (State) (Zip) Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned

1.Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4) Code V Amount (A) or (D) Price Common Stock 08/01/2006   C   94,617 A (1) 2,137,249 D   Common Stock 08/01/2006   C   14,169 A (1) 14,169 I By Capital Buyers Common Stock               180,000 I By wife Common Stock               90,000 I By wife as custodian for daughter Common Stock               90,000 I By wife as custodian for son

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)

1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4, and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Underlying Securities (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Convertible Preferred Stock Class B	(1)	08/01/2006		C			31,539	(1)	(1)	Preferred Stock Class B	31,539	(1)	0	D
Convertible Preferred Stock Class B	(1)	08/01/2006		C			4,723	(1)	(1)	Preferred Stock Class B	4,723	(1)	0	I	By Capital Buyers
Incentive Stock Option	(1)	08/01/2006		C			948	(9)	(9)	Preferred Stock Class B	948	(1)	0	D
Incentive Stock Option	$ 6.14 (1)	08/01/2006		C		2,844		(9)	(9)	Common Stock	2,844	(1)	2,844	D
Incentive Stock Option	$ 7.33							(2)	(2)	Common Stock	6,000		1,500	D
Incentive Stock Option	$ 8.33							(3)	(3)	Common Stock	1,500		1,500	D
Incentive Stock Option	$ 9.33							(4)	(4)	Common Stock	1,500		1,500	D
Incentive Stock Option	$ 10							(5)	(5)	Common Stock	1,500		1,500	D
Incentive Stock Option	$ 11.67							(6)	(6)	Common Stock	1,500		1,500	D
Incentive Stock Option	$ 12.67							(7)	(7)	Common Stock	1,500		1,500	D
Incentive Stock Option	$ 12.67							07/27/2005	07/27/2015	Common Stock	75,000		75,000	D
Incentive Stock Option	$ 11.34							(8)	(8)	Common Stock	8,484		8,484	D

Reporting Owners

Reporting Owner Name / Address	Relationships
	Director	10% Owner	Officer	Other
ALLISON JOHN W P.O. BOX 966 CONWAY, AR 72033	X	X

Signatures

/s/John W. Allison by LaMonica Johnston		08/09/2006
**Signature of Reporting Person		Date

Explanation of Responses:

*	If the form is filed by more than one reporting person, see Instruction 4(b)(v).
**	Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1)	The Company exercised its right to convert all outstanding Class B Preferred Stock effective August 1, 2006 at a conversion rate of three shares of common stock for every one share of Class B Preferred Stock. This stock has no expiration date. Upon the conversion, the Class B Preferred Stock options also converted into three common option shares for every one Class B preferred stock option with an exercise price of $6.14.
(2)	The option is exerciseable in five equal annual installments and expires 10 years from the exerciseable date, therefore the first installment became exerciseable on December 31, 2000 and expires on December 31, 2010.
(3)	The option is exerciseable in five equal annual installments and expires 10 years from the exerciseable date, therefore the first installment became exerciseable on December 31, 2001 and expires on December 31, 2011.
(4)	The option is exerciseable in five equal annual installments and expires 10 years from the exerciseable date, therefore the first installment became exerciseable on December 31, 2002 and expires on December 31, 2012.
(5)	The option is exerciseable in five equal annual installments and expires 10 years from the exerciseable date, therefore the first installment became exerciseable on December 31, 2003 and expires on December 31, 2013.
(6)	The option is exerciseable in five equal annual installments and expires 10 years from the exerciseable date, therefore the first installment became exerciseable on December 31, 2004 and expires on December 31, 2014.
(7)	The option is exerciseable in five equal annual installments and expires 10 years from the exerciseable date, therefore the first installment became exerciseable on December 31, 2005 and expires on December 31, 2015.
(8)	Options were granted by TCBancorp. Upon merger with Home BancShares, these options became 100% vested. However, prior to the merger, 1,212 options had vested with an expiration date of 12/31/2013 and 1,454 options had vested with an expiration date of 12/31/2014. The remaining 5,818 options vested on 1/1/2005 with an expiration date of 1/1/2015.
(9)	Options were granted by Marine Bancorp. Upon merger with Home BancShares on 6/1/2005, these options became 100% vested. However, prior to the merger, 645 options were vested with an expiration date of 12/31/2009 and 251 options were vested with an expiration date of 3/31/2011. The remaining 52 options were vested on 6/1/05 with an expiration date of 3/31/2011. Upon conversion, 1,935 options have an expiration of 12/31/2009, 753 options have an expiration of 3/31/2011 and 156 options vested on 6/1/05 with an expiration date of 3/31/2011.

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