Simmons First National Corp. of Pine Bluff said Tuesday that it completed the merger of its subsidiary, Southwest Bank of Fort Worth, Texas, with its main banking subsidiary, Simmons Bank.
"Today marks another milestone for Simmons Bank as our growing footprint now includes Texas," Marty Casteel, chairman and CEO of Simmons Bank, said in a news release. "Together with Southwest Bank and our combined expertise, we are a stronger organization and are looking forward to serving our new customers in Texas."
Simmons originally announced the merger with Southwest Bank's previous parent company, First Texas BHC Inc. of Fort Worth, a year ago. Simmons acquired First Texas in a $462 million cash-and-stock deal. At the time, Southwest Bank had about $2 billion in assets.
Simmons completed the First Texas acquisition in its fourth quarter. Southwest Bank branches will now operate under the Simmons Bank name.
"We are confident this merger will bring long-term benefits to our customers, associates and shareholders by providing more efficient delivery of our products and services," Simmons First Chairman and CEO George A. Makris Jr. said.
As of Dec. 31, Simmons had about $15.1 billion in assets, nearly 2,700 employees and about 200 locations across Arkansas, Colorado, Kansas, Missouri, Oklahoma, Tennessee and Texas.