Arkansas-based bank to acquire Oklahoma’s Southwest Bancorp
PINE BLUFF, Ark. (AP) — Arkansas-based Simmons First National Corp. has announced plans to buy an Oklahoma bank in a deal valued at more than $564 million.
Simmons, which is based in Pine Bluff, announced Wednesday that it will purchase Southwest Bancorp, Inc. of Stillwater, Oklahoma. Southwest Bancorp is the parent company of Bank SNB, which has 31 branches in four states.
Simmons says the deal is expected to close during the third quarter of 2017. Simmons’ chairman and CEO, George Makris, Jr., says the acquisition allows Simmons to enter new markets in Oklahoma, Texas and Colorado. Southwest Bankcorp has one branch in the Preston Center area of Dallas. Other Texas branches are in San Antonio, Austin and in South Texas.
Southwest Bancorp has nearly $1.9 billion in loans and $1.95 billion in deposits.