Simmons Bank acquires First South Bank in Tennessee
by November 17, 2016 9:55 pm 1,123 views
Simmons First National Corp., parent company of Simmons Bank, has entered into an agreement to acquire Hardeman County Investment Company, Inc., a Jackson, Tennessee-based financial firm that owns First South Bank. The transaction is valued at $72.2 million.
Under the terms of the Agreement, each outstanding share of common stock and equivalents of Hardeman will be converted into the right to receive 4.8393 shares of Simmons common stock and $181.47 in cash, all subject to certain conditions and potential adjustments.
Financial highlights of the deal, which is expected to close in the first quarter of 2017, include:
- Assets: $464 million
- Loans: $260 million
- Deposits: $372 million
- Branches: 10 in western Tennessee
“The combination of First South Bank and Simmons Bank presents a great opportunity for additional growth with expanded products and services in markets very important to our company,” said Simmons Chairman and CEO George Makris. “The addition of First South Bank strengthens our presence in western Tennessee and gives us a partner that shares common goals, experiences, cultures, and reputations as outstanding community bankers and corporate citizens. For over one hundred years, the leadership of FSB has been dedicated to building a franchise focused on excellence in customer service. That’s a tradition we highly value, and one we certainly intend to continue to observe.”
“We at Hardeman are thrilled about the merger of our company with Simmons,” said C. Edward “Ed” Woodside, Hardeman’s Chairman. “Simmons’ roots in similar markets and commitment to meeting the financial service needs of its customers give me every confidence that we have found the perfect strategic partner. We are excited about the additional products and services Simmons brings to the table for our customers, and we have no doubt that our associates will benefit from being a part of a fast-growing, top-notch banking organization.”
Simmons was advised by Keefe, Bruyette & Woods, Inc., a Stifel company. Hardeman was advised by Olsen Palmer LLC.