Simmons First National Corporation Completes Acquisitions and Conversions of Landmark Community Bank and Triumph Bancshares, Inc.
12 Ottobre 2021 - 2:00PM
Simmons First National Corp. (NASDAQ: SFNC) (Simmons or Company)
announced today that it has completed the acquisitions of Landmark
Community Bank (Landmark) based in Collierville, Tenn., and Triumph
Bancshares, Inc. (Triumph), the parent company of Triumph Bank,
based in Memphis, Tenn., effective October 8, 2021. Separate
definitive agreements to acquire Landmark and Triumph were
previously announced on June 7, 2021, with Landmark’s and Triumph’s
respective shareholders approving their respective transaction in
September 2021.
As a result of the acquisitions, Landmark and
Triumph Bank were individually merged into Simmons Bank (the
subsidiary bank of Simmons), with Simmons Bank as the surviving
institution. Conversion of technology systems and customer accounts
for both Landmark and Triumph Bank were simultaneously completed
over the Columbus Day holiday weekend, with former Landmark and
Triumph Bank branches opening under the Simmons Bank name on
Tuesday, October 12.
“We’re very pleased to welcome Landmark and
Triumph customers to Simmons Bank and look forward to providing
them access to a broader array of products and services delivered
by associates focused on ensuring they have an excellent customer
experience,” said George A. Makris, Jr., chairman and CEO of
Simmons. “The completion of two acquisitions in four short months
since we announced the transactions, including receiving regulatory
and shareholder approval, converting customer accounts and
simultaneously completing systems conversions, while also
navigating an ever-changing pandemic environment, is a testament to
the talented team we have built at Simmons.”
Under the terms of the respective merger
agreements, each share of Landmark common stock was converted into
0.2025568 shares of Simmons common stock (with cash paid in lieu of
fractional shares) and approximately $0.29 in cash; and each share
of Triumph common stock was converted into 0.9053653 shares of
Simmons common stock (with cash paid in lieu of fractional shares)
and approximately $0.37 in cash.
With the completion of these acquisitions,
Simmons has over $25 billion in assets, nearly $13 billion in loans
and nearly $20 billion in total deposits based off of data as of
June 30, 2021.
Based on FDIC deposit market share data as of
June 30, 2021, prior to the Landmark and Triumph acquisitions,
Simmons Bank ranked as the 11th largest bank in Tennessee. On a pro
forma basis (including Landmark and Triumph Bank deposits at June
30, 2021), Simmons Bank now ranks as the 8th largest bank in
Tennessee, the 7th largest bank in the Memphis MSA and the 14th
largest bank in the Nashville MSA based on deposit market
share.
Simmons First National
CorporationSimmons First National Corporation (NASDAQ:
SFNC) is a Mid-South based financial holding company whose
principal subsidiary, Simmons Bank, operates approximately 200
financial centers in Arkansas, Missouri, Tennessee, Texas, Oklahoma
and Kansas. Founded in 1903, Simmons Bank offers comprehensive
financial solutions delivered with a client-centric approach.
Simmons Bank was recently named to Forbes magazine’s list
of “World’s Best Banks” for the second consecutive year and
ranked among the top 30 banks in Forbes’ list
of “America’s Best Banks” for 2021. Additional
information about Simmons Bank can be found on our website
at simmonsbank.com, by following @Simmons_Bank on
Twitter or by visiting our newsroom.
Forward-Looking
StatementsStatements in this press release that are not
based on historical facts should be considered "forward-looking
statements" within the meaning of the Private Securities Litigation
Reform Act of 1995. These forward-looking statements, including,
without limitation, statements made in Mr. Makris’s quotes, may be
identified by reference to future periods or by the use of
forward-looking terminology, such as “look forward to,” by future
conditional verbs, or by variations of such words or by similar
expressions. These forward-looking statements include, without
limitation, statements relating to Simmons’ future products and
services, lending capacity and lending activity, digital banking
initiatives, the Company’s ability to recruit and retain key
employees, branch closures and branch sales, and the ability of the
Company to manage the impact of the COVID-19 pandemic. Any
forward-looking statement speaks only as of the date of this news
release, and Simmons undertakes no obligation to update these
forward-looking statements to reflect events or circumstances that
occur after the date of this news release. By nature,
forward-looking statements involve inherent risks and
uncertainties. Various factors, including, but not limited to,
economic conditions, credit quality, interest rates, loan demand,
difficulties in integrating acquired institutions, the effects of
the COVID-19 pandemic, including the effectiveness of vaccination
efforts and developments with respect to COVID-19 variants, on,
among other things, the Company’s operations, liquidity, and credit
quality, the effect of steps the Company takes and has taken in
response to the COVID-19 pandemic, 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 aforementioned mergers and our Company are based on currently
available information, and actual results could differ materially
from the statements made. Additional information on factors that
might affect Simmons’ future performance is included in its Form
10-K for the year ended December 31, 2020 and other filings, which
have been filed with and are available from the U.S. Securities and
Exchange Commission.
Investor and Media
Contact Ed
Bilek EVP,
Director of Investor
Relations ed.bilek@simmonsbank.com 501.263.7483
(office)205.612.3378 (cell)
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