by Gwen Moritz
Posted 10/19/2012 07:13 pm
Updated 7 months ago
The bank, with almost $200.6 million in assets and $187.4 million in deposits, is the second FDIC-assisted acquisition for Simmons in as many months. Five weeks ago, it took over Truman Bank in St. Louis.
Click here for the full FDIC release.
Sedalia is in west-central Missouri, about mid-way between Kansas City and Jefferson City.
In a press release, Simmons' said its deal with the FDIC allows the bank to "to purchase $201 million in assets and assume all of the deposits and substantially all other liabilities, at a discount of $21.0 million and no deposit premium."
CEO J. Thomas May signaled that his company is still on the hunt.
"Needless to say, our team has been very busy over the last several months with the announced FDIC assisted acquisitions in Missouri," he said in the release. "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."
Excel Bank, chartered in 1964, lost $833,000 in 2010, $8.2 million in 2011 and $5.7 million in the first half of 2012. Simmons is gaining four branches, in Sedalia, Green Ridge, the Kansas City suburb of Lee's Summit and the St. Louis suburb of Kirkwood.
Simmons First National made two FDIC-assisted acquisitions in 2010, one in Springfield, Mo., and one in the Kansas City suburb of Olathe, Kan. The FDIC website indicates that the addition of Excel Bank will bring the count of Simmons branches to nine in Missouri and nine in Kansas. (An earlier version of this story was incorrect in the number of Missouri and Kansas locations.)