Simmons First Announces Missouri Acquisition
20 Ottobre 2012 - 1:11AM
Simmons First National Corporation (Nasdaq:SFNC) announced today,
through its wholly-owned bank subsidiary, Simmons First National
Bank ("SFNB"), that it has expanded its presence within the state
of Missouri by acquiring approximately $201 million in assets of
Excel Bank of Sedalia from the Federal Deposit Insurance
Corporation (the "FDIC"). Excel Bank was closed today by the
Missouri Division of Finance, which appointed the FDIC as receiver.
SFNB has entered into a purchase and assumption
agreement with the FDIC to purchase $201 million in assets and
assume all of the deposits and substantially all other liabilities,
at a discount of $21.0 million and no deposit premium. The
final valuation and purchase price of acquired assets and
liabilities will be determined upon completion of appropriate
valuation processes.
"Needless to say, our team has been very busy over
the last several months with the announced FDIC assisted
acquisitions in Missouri," said J. Thomas May, Chairman and CEO.
"In 2010, we announced our interest in expanding our Arkansas
footprint into Missouri and Kansas. At the time, we discussed
accomplishing this expansion through FDIC assisted and traditional
acquisitions. While these acquisitions have been through FDIC
assisted acquisitions, and we expect more will follow, we continue
to have an interest in pursuing traditional acquisitions in these
markets. This acquisition is the fourth of several that we
anticipate making over the next several years, which is the reason
we raised $71 million in additional capital in November 2009."
Simmons First's FDIC Assisted Acquisitions
include:
- May 2010 – SFNB announced the purchase of Southwest Community
Bank in Springfield, Missouri, with assets of $100 million which
was the bank's first expansion beyond the borders of Arkansas
- October 2010 – SFNB announced a second acquisition with the
purchase of Security Savings Bank in Olathe, Kansas, with $480
million in assets and four locations in the Kansas City MSA, three
in Salina, Kansas and two in Wichita, Kansas
- September 14, 2012 – SFNB acquired $279 million assets of
Truman Bank with four locations in the St. Louis MSA
- October 19, 2012 – The acquisition of Excel Bank represents
SFNB's fourth FDIC assisted transaction. The acquisition of
$201 million in assets of Excel Bank of Sedalia, Missouri includes
locations in Sedalia, Green Ridge, Lee's Summit (Kansas City MSA)
and Kirkwood (St. Louis MSA)
"These most recent purchases are strategic relative
to our commitment to expand our footprint within the Missouri and
Kansas regions," stated May.
As part of the purchase and assumption agreement,
the FDIC and SFNB have entered into a loss share agreement covering
approximately $127 million in loans and other real estate. The
FDIC will reimburse SFNB for 80% of the losses it incurs on the
disposition of loans and foreclosed real estate on all covered
assets.
Highlights of the Transaction
- Further expansion within the state of Missouri
- Four branches located in Sedalia, Green Ridge, Lee's Summit
(Kansas City MSA) and Kirkwood (St. Louis MSA)
- Assets of approximately $201 million
- Loans of approximately $161 million (before loan discounts and
FDIC receivables)
- Loss share protection from the FDIC on approximately $127
million in covered assets
- Deposits of approximately $187 million, with non-time deposits
of $79 million
This transaction is expected to be immediately
accretive to SFNC's net income and diluted earnings per common
share. Upon completion of the acquisition, SFNC will continue
to remain substantially above the threshold for "well capitalized"
under regulatory capital standards. Simmons First has a long
history of consistent earnings, strong capital and excellent asset
quality. No additional capital is required to support this
transaction.
The locations will open during normal banking hours
on Saturday, October 20, as financial centers of Simmons First
National Bank. All former Excel Bank customers will be able to
conduct banking business as usual. Depositors of Excel Bank
will automatically become depositors of Simmons First National
Bank, and deposits will continue to be insured by the
FDIC. Depositors may access their accounts as usual through
automated teller machine transactions, checks, online banking and
debit card transactions. Checks drawn on Excel Bank will
continue to be processed, and loan customers should continue to
make their customary payments. Customers may continue banking
as usual and feel confident that their deposits are secure, now
backed by one of the country's strongest and safest financial
institutions.
During the transition period, Excel Bank customer
accounts will be converted to Simmons First National Bank accounts
with customers ultimately enjoying the benefits of Simmons First's
extensive selection of products and services. Simmons First
Trust Company was named the Largest Trust Company in Arkansas by
Arkansas Business, with assets in excess of $2 billion.
Simmons First has been nationally proclaimed as having one of
the best credit cards in America by Money Magazine, the Wall Street
Journal and Kiplinger and was recently recognized as having the
best low rate credit card by cardrating.com. Simmons First is
also a major provider of merchant services and cash management
services.
"We welcome our new customers and associates in
Missouri to the Simmons First family," said May. "Our 109
year old franchise has been built around a community banking
philosophy. Our associates are committed to treating the
customer the way we want to be treated when we are the customer.
This is the same commitment that we will deliver to the
customers of the former Excel Bank."
Simmons First National Corporation is a $3.6
billion Arkansas based financial holding company with eight
community banks in Pine Bluff, Lake Village, Jonesboro, Rogers,
Searcy, Russellville, El Dorado and Hot Springs, Arkansas.
The Company's eight banks conduct financial operations from
96 offices, of which 92 are financial centers, in 55
communities, including its newly acquired Missouri locations.
The Company's common stock trades on the NASDAQ Global Select
Market under the symbol "SFNC".
The Simmons First National Corporation logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=4819
Forward Looking Statements
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.
Forward-looking statements regarding the Excel Bank
transaction are based on currently available information provided
to us by the FDIC. Actual results could differ materially
after experience with this acquisition. Additional
information on factors that might affect Simmons First National
Corporation's financial results is included in its Form 10-K filing
with the Securities and Exchange Commission.
CONTACT: Stephen R. Lasseigne, VP
Advertising Manager
Simmons First National Corporation
(870) 267-4040
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