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Simmons First Announces Missouri Acquistion
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Simmons First Announces Missouri Acquistion
October 27, 2012
Simmons First National Corporation (NASDAQ-GS: SFNC) announced that it has expanded its presence within the state of Missouri by acquiring approximately $201 million in assets of Excel Bank of Sedalia from the Federal Deposit Insurance Corporation (the “FDIC”).
“Needless to say, our team has been very busy over the last several months with the announced FDIC assisted acquisitions in Missouri,” said J. Thomas May, Chairman and CEO.
“In 2010, we announced our interest in expanding our Arkansas footprint into Missouri and Kansas. At the time, we discussed accomplishing this expansion through FDIC assisted and traditional acquisitions. While these acquisitions have been through FDIC assisted acquisitions, and we expect more will follow, we continue to have an interest in pursuing traditional acquisitions in these markets. This acquisition is the fourth of several that we anticipate making over the next several years, which is the reason we raised $71 million in additional capital in November 2009.”
Simmons purchased Southwest Community Bank is Springfield, Missouri; Security Savings Bank in Olathe, Kansas; Truman Bank in St. Louis, Missouri; and Excel Banks in Sedalia, Green Ridge, Lee' Summit, and Kirkwood.
“These most recent purchases are strategic relative to our commitment to expand our footprint within the Missouri and Kansas regions,” stated May.
All former Excel Bank customers will be able to conduct banking business as usual. Depositors of Excel Bank will automatically become depositors of Simmons First National Bank, and deposits will continue to be insured by the FDIC. Depositors may access their accounts as usual through automated teller machine transactions, checks, online banking and debit card transactions. Checks drawn on Excel Bank will continue to be processed, and loan customers should continue to make their customary payments.
During the transition period, Excel Bank customer accounts will be converted to Simmons First National Bank accounts with customers ultimately enjoying the benefits of Simmons First’s extensive selection of products and services.
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