Simmons First Takes Over Failed Missouri Bank

Simmons First National Bank is taking over the deposits of Excel Bank of Sedalia, Missouri, after state and federal regulators shut the Missouri bank down.

The four branches of Excel Bank reopened Saturday (Oct. 20) as branches of Simmons First National Bank. Depositors of Excel Bank automatically became depositors of Simmons First National Bank.

As of June 30, 2012, Excel Bank had approximately $200.6 million in total assets and $187.4 million in total deposits. In addition to assuming all of the deposits of the failed bank, Simmons First National Bank agreed to purchase essentially all of the assets.

The FDIC and Simmons First National Bank entered into a loss-share transaction on $126.6 million of Excel Bank’s assets. Simmons First National Bank will share in the losses on the asset pools covered under the loss-share agreement.

Excel Bank is the 46th FDIC-insured institution to fail in the nation this year, and the third in Missouri.

Pine Bluff-based Simmons First has made several acquisitions in the past year involving Missouri banks. Simmons First has acquired banks in St. Louis, Kansas City and Springfield.