PINE BLUFF, Ark. (AP) — Arkansas-based Simmons First National Corporation has announced the completion of its purchase of both Southwest Bancorp, Inc. of Stillwater, Oklahoma, and First Texas, BHC of Fort Worth.
Simmons said Friday that shareholders of the two companies approved the transactions earlier this month. Terms of the purchase were not released.
Southwest Bancorp is the parent company of Bank SNB and First Texas is the parent company of Southwest Bank.
Simmons said in a news release that the acquisitions brings its total assets to more than $14 billion, plus about $10.4 billion in loans and about $11.2 billion in deposits.
The two banking groups were acquired in a cash and stock transaction valued at $462 million.
The company said both Southwest Bank and Bank SNB will continue operating under their present names.
Southwest Bank operates 16 branches in the Dallas-Fort Worth area. It offers personal and business banking, wealth
management and mortgage services. Headed by longtime area banker Vernon Bryant,
The transaction was previously announced in December 2016, and a definitive agreement to acquire First Texas was announced in January 2017.
“Today marks the beginning of an exciting new chapter for Simmons,” said George A. Makris, Jr., Simmons’ chairman and CEO. “With the closing of these transactions, Simmons has now expanded its reach into three new banking markets – Texas, Oklahoma, and Colorado – and strengthened its franchise in Kansas. We are pleased to welcome all of the Bank SNB and Southwest Bank customers and associates to the Simmons family. We have always believed that our unwavering commitment to excellent customer service is what sets us apart, and I have no doubt that our new partners share that same conviction.”
With the completion of these acquisitions, Simmons has over $14 billion in assets, approximately $10.4 billion in loans, approximately $11.2 billion in deposits, and locations across Arkansas, Colorado, Kansas, Missouri, Oklahoma, Tennessee, and Texas.
Both Bank SNB and Southwest Bank will continue operations as separate bank subsidiaries of Simmons for an interim period until they are merged into Simmons Bank. Simmons plans on maintaining the Southwest Bank and Bank SNB brands in their respective markets.
Stephens Inc. served as financial advisor to First Texas, and Fenimore, Kay, Harrison & Ford LLP served as First Texas’s legal advisor. Mercer Capital Management Inc. served as financial advisor to Simmons, and Covington & Burling LLP served as Simmons’ legal advisor.
Sammons FSB trades on the NASDAQ under the SFNC symbol. – FWBP Staff contributed to this report.