Simmons First National Corp. completed its $172 million acquisition of Reliance Bancshares Inc. in the St. Louis suburb of Des Peres, Missouri, on Friday.
The acquisition was announced in November, and Reliance shareholders approved the transaction earlier this month.
Reliance Bank has merged into Simmons Bank, with Simmons Bank as the surviving institution.
“Today we are excited to welcome our new customers and be able to offer them the full suite of Simmons’ financial products and services,” said George Makris Jr., chairman and CEO of Simmons. “By adding over 20 bank branches to our presence in the St. Louis metropolitan area, this merger will strengthen our market share and bring forth additional opportunities for us to better serve this important region, which crosses into Illinois.”
With the completion of the merger, Simmons has approximately $17.6 billion in consolidated assets and more than 200 branch locations across Arkansas, Colorado, Illinois, Kansas, Missouri, Oklahoma, Tennessee and Texas.
Thomas Brouster, Sr., former chairman of Reliance, will serve in an advisory capacity to the St. Louis market following the transaction.