Icon (Close Menu)

Logout

Simmons Completes Acquisitions of 2 Memphis-Area Banks

1 min read

Simmons First National Corp. of Pine Bluff on Tuesday announced that it had completed the acquisitions and conversions of two Memphis-area banks, bringing the company’s assets to more than $25 billion.

The deal makes Simmons the eighth-largest bank in Tennessee based on deposit market share, Simmons said in a news release. It was previously 11th. 

The company said that it now has nearly $20 billion in deposits and nearly $13 billion in loans.

The two banks it acquired, Landmark Community Bank of Collierville and Triumph Bancshares Inc., the parent company of Memphis-based Triumph Bank, were individually merged into Simmons Bank. Landmark had five offices in Shelby County and three branches in the Nashville area. Triumph had six offices in Shelby County and one in the Nashville area. 

Technology and customer accounts were converted over the weekend and the bank branches opened under the Simmons Bank name Tuesday. 

Shares of Landmark common stock were converted into 0.2025568 shares of Simmons common stock and about $0.29 in cash, Simmons said in the release. Shares of Triumph common stock were converted into 0.9053653 shares of Simmons stock and about $0.37 in cash.

Simmons announced the $277.9 million acquisitions in June. 

 

 

Send this to a friend