Simmons First National Corporation Completes Acquisition and Conversion of Spirit of Texas Bancshares, Inc.
11 Aprile 2022 - 2:00PM
Simmons First National Corp. (NASDAQ: SFNC) (Simmons) announced
today that it has completed the acquisition of Spirit of Texas
Bancshares, Inc. (Spirit), the parent company of Spirit of Texas
Bank SSB, based in Conroe, Texas, effective April 8, 2022. A
definitive agreement to acquire Spirit was previously announced on
November 19, 2021, with Spirit’s shareholders approving the
transaction in February 2022.
As a result of the acquisition, Spirit of Texas
Bank SSB was merged into Simmons Bank (the subsidiary bank of
Simmons), with Simmons Bank as the surviving institution.
Conversion of technology systems and customer accounts for Spirit
of Texas Bank SSB were completed over the weekend, with former
Spirit of Texas Bank SSB branches opening under the Simmons Bank
name on Monday, April 11.
“Our acquisition of Spirit further enhances the
size and scale of our Texas franchise and positions us to increase
shareholder value over time by bringing our broad array of
products, services and leading-edge digital capabilities to new
markets and clients,” said George A. Makris, Jr., chairman and CEO
of Simmons. “We are grateful to the hundreds of associates across
the combined organization who have worked tirelessly to help
achieve this milestone in less than five months. With a shared
commitment to serving our customers and supporting the communities
where we live and work, we are well positioned to capture future
growth in the Lone Star State.”
Spirit ranked among Fortune’s 2021 100
Fastest-Growing Companies. With the completion of this acquisition,
Simmons has approximately $28 billion in assets, $14.3 billion in
loans and $22.1 billion in total deposits based on data as of
December 31, 2021. In Texas, the addition of Spirit will more than
double Simmons’ size and scale with footings totaling approximately
$4.8 billion in loans and $4.9 billion in deposits based on data as
of December 31, 2021, while increasing the number of branches to
57, located primarily in the fast-growing Texas Triangle.
Under the terms of the definitive agreement,
each share of Spirit common stock was converted into 1.0016722
shares of Simmons common stock, with cash paid in lieu of
fractional shares and to cash out Spirit stock options and warrants
that were outstanding immediately prior to the effective time of
the merger.
Simmons First National
CorporationSimmons First National Corporation (NASDAQ:
SFNC) is a Mid-South and Texas based financial holding company that
has paid cash dividends to its shareholders for 113 consecutive
years. Its principal subsidiary, Simmons Bank, operates more than
200 branches in Arkansas, Kansas, Missouri, Oklahoma, Tennessee and
Texas. Founded in 1903, Simmons Bank offers comprehensive financial
solutions delivered with a client-centric approach. Simmons Bank
was named to Forbes list of “America’s Best Banks” in 2022 and
was recently named to Forbes list of “World’s Best Banks” for
the third consecutive year. 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
Statements Statements 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, 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 growth, products and services, lending
capacity and lending activity, digital banking initiatives,
Simmons’ ability to recruit and retain key employees, branch
closures and branch sales, and the ability of Simmons to manage the
impact of the COVID-19 pandemic. Any forward-looking statement
speaks only as of the date of this press release, and Simmons
undertakes no obligation to update these forward-looking statements
to reflect events or circumstances that occur after the date of
this press 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, Simmons’ operations,
liquidity, and credit quality, 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 merger and Simmons 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, 2021 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 and Media
Relations ed.bilek@simmonsbank.com 501.263.7483
(office)205.612.3378 (cell)
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