Simmons First To Acquire Ozark Trust & Investment Of Springfield, Missouri

Put another acquisition check mark on paper for Simmons First National Corp., albeit a much smaller one that normal.

Pine Bluff-based Simmons First said it has entered into “a definitive agreement and plan of merger” with Ozark Trust and Investment Corp., which is headquartered in Springfield, Missouri.

In a release announcing the deal, Simmons said it will acquire all of the outstanding stock of Ozark Trust and Investment in a cash and stock transaction valued at roughly $20.7 million.

“Wealth management is an important growth business for us, and we are excited about this strategic opportunity,” said Simmons Chairman and CEO George A. Makris, Jr. “This acquisition increases our total assets under management by more than $1 billion, enhances our existing wealth management product offering, provides us with a talented and creative team of wealth management professionals who have built and grown a successful business and expands our presence in the important Southwest Missouri market. In addition, we view this transaction as a mutually beneficial one, as the talented team at TCO now has the entire portfolio of Simmons’ products and services to provide to its more than 1,300 clients.”

In the last two years, Simmons has absorbed the now-defunct Metropolitan National Bank, Delta Trust and Bank, Union City, Tenn.-based Community First Bancshares, and Springfield-based Liberty Bancshares, Inc. It also acquired Talbot Capital Management of Pine Bluff.

Ozark Trust and Investment financial highlights as of March 31, 2015 include:

• Assets Under Management: $1.1 billion
• Number of Accounts: 1,346
• Number of Clients: 1,314

“Simmons was a natural fit for us, as the two organizations share a common philosophy and approach to wealth management based on putting the client’s needs first in our respective planning processes,” said Jay D. Burchfield, Chairman of Ozark Trust and Investment. “With Simmons’ financial strength, breadth of services and marketing expertise supporting our business, we believe we can provide our clients with an even more comprehensive suite of products and services to support their overall financial needs.”

Under the terms of the agreement, each outstanding share of common stock of Ozark Trust and Investment held by banks or bank holding companies will be converted into the right to receive $701.9268 in cash and each share of common stock or common stock equivalents held by any other type of shareholder will be converted into the right to receive 16.7205 shares of the Simmons’ common stock, all subject to certain conditions and potential adjustments.

Simmons owns 1,000 shares of Ozark Trust and Investment’s common stock, which it acquired through its acquisition of Liberty Bancshares, Inc. in February 2015.