George Makris
PINE BLUFF - One of Arkansas’ largest banks just keeps getting bigger. Pine Bluff based Simmons First National Bank announced today they’ll acquire First South Bank of Jackson, Tennesee through it’s parent company Hardeman County Investment Company. The stock transaction is valued at approximately $72.2 million based on closing prices from earlier this week.
“The combination of First South Bank and Simmons Bank presents a great opportunity for additional growth with expanded products and services in markets very important to our company. The addition of First South Bank strengthens our presence in western Tennessee and gives us a partner that shares common goals, experiences, cultures, and reputations as outstanding community bankers and corporate citizens,” said George A. Makris, Jr., Simmons’ Chairman and CEO. “For over one hundred years, the leadership of FSB has been dedicated to building a franchise focused on excellence in customer service. That’s a tradition we highly value, and one we certainly intend to continue to observe.”
Hardeman’s Financial Highlights (as of September 30, 2016):
- Assets: $464 million
- Loans: $260 million
- Deposits: $372 million
- Branches: 10 in western Tennessee
“We at Hardeman are thrilled about the merger of our company with Simmons,” said C. Edward “Ed” Woodside, Hardeman’s Chairman. “Simmons’ roots in similar markets and commitment to meeting the financial service needs of its customers give me every confidence that we have found the perfect strategic partner. We are excited about the additional products and services Simmons brings to the table for our customers, and we have no doubt that our associates will benefit from being a part of a fast-growing, top-notch banking organization.”
Under the terms of the Agreement, each outstanding share of common stock and equivalents of Hardeman will be converted into the right to receive 4.8393 shares of the Company’s common stock and $181.47 in cash, all subject to certain conditions and potential adjustments. Completion of the transaction is expected in the first quarter of 2017 and is subject to certain closing conditions, including approval by Hardeman’s shareholders and customary regulatory approvals. After closing, FSB is expected to continue operations as a separate bank subsidiary of Simmons for an interim period until it is merged into Simmons Bank.
Simmons was advised by Keefe, Bruyette & Woods, Inc., a Stifel company. Hardeman was advised by Olsen Palmer LLC.
Grant Merrill
Grant Merrill is the Publisher of InsideFortSmith.Com, and owner of parent company Great Plains Digital Media. Prior to jumping into the digital world, he was a longtime sports talk show host on stations across Arkansas. E-Mail: grant@greatplainsdigital.com
