Simmons First National Corp. announced today that it has entered into a "purchase and assumption agreement" with the Federal Deposit Insurance Corporation (FDIC) to acquire most of the assets and deposits of Security Savings Bank, FSB in Olathe, Kansas.
The move allows Pine Bluff-based Simmons First to expand its footprint outside the Arkansas borders for only the second time. Security Savings Bank was closed today by the Office of Thrift Supervision, which appointed the FDIC as receiver.
Terms of the Simmons acquisition were not disclosed.
“This acquisition is the second of several that we anticipate making over the next two to three years, which is the reason we raised $70.5 million in additional capital in November, 2009,” said J. Thomas May, Simmons First Chairman and CEO. “Earlier in the year we announced the purchase of Southwest Community Bank in Springfield, Missouri which was a good first step for expanding beyond the borders of Arkansas. The acquisition of Security Savings Bank in Olathe, Kansas is a natural extension of our footprint."
Security Savings has nine locations including four in the Kansas City metropolitan area, three in Salina, Kansas, and two in Wichita, Kansas.