Simmons First National Corporation Completes Acquisition of Citizens National Bank
09 Settembre 2016 - 10:15PM
Simmons First National Corporation (NASDAQ:SFNC) announced today
the completion of the acquisition of Citizens National Bank
headquartered in Athens, Tenn. The definitive agreement to
acquire the bank was previously announced in May 2016 and approval
from Citizens National Bancorp, Inc. shareholders was received
yesterday.
“Citizens has a long tradition of providing exemplary banking
services to its customers. We plan on continuing its
commitment to its customers, associates and communities as we
strengthen our presence in East Tennessee,” said George A. Makris,
Jr., chairman and CEO of Simmons First National Corporation.
“Combined, our organizations can go forward offering enhanced
financial services as a premier community banking organization
positioned for continued, long-term success.”
With the completion of this acquisition, Simmons has
approximately $8.1 billion in assets, $5.3 billion in loans, $6.5
billion in deposits and more than 145 locations across Arkansas,
Kansas, Missouri and Tennessee.
Citizens National Bank will temporarily remain a separate bank
and continue its operations as a subsidiary of Simmons First
National Corporation until it is merged into Simmons Bank. The
merger and system conversion is slated to occur on Oct. 21,
2016.
“After months of planning and hard work by the associates from
both banks, we are looking forward to continuing and completing the
integration process,” said Marty Casteel, chairman and CEO of
Simmons Bank. “Citizens customers will receive the same great
service they have come to know and trust. Our teams are
working closely to ensure the transition for customers is as easy
and seamless as possible.”
"Citizens is excited about the completion of its affiliation
with Simmons. Our institutions share similar banking philosophies
and strategies," said Citizens Chairman Paul G. Willson. "With the
additional banking resources of Simmons behind Citizens, we will be
able to provide significant enhancements to the banking services we
have offered our customers for more than 100 years."
Citizens President Jack B. Allen will join Simmons Bank as East
Tennessee community president.
About Simmons First National Corporation
Simmons First National Corporation is a financial holding
company, headquartered in Pine Bluff, Ark., with total assets of
$8.1 billion conducting financial operations throughout Arkansas,
Kansas, Missouri and Tennessee. The company through its
subsidiaries offers comprehensive financial solutions delivered
with a client-centric approach. The company’s common stock trades
on the NASDAQ Global Select Market under the symbol “SFNC.”
About Citizens National Bank
Citizens National Bank is a national bank headquartered in
Athens, Tenn., serving East Tennessee with nine locations in eight
communities and offers a full range of banking and lending
services. As of June 30, 2016, Citizens had assets of $556
million.
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 Citizens
National Bank acquisitions are based on currently available
information. Actual results could differ materially after the
consummation of these acquisitions. 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.
FOR MORE INFORMATION CONTACT:
J. BURTON HICKS
Senior Vice President and Investor Relations Officer
Simmons First National Corporation
(870) 541-1000
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