Simmons First National Corp. announced that it completed its acquisition of Reliance Bancshares, Inc., headquartered in the St. Louis, Missouri. A definitive agreement to acquire Reliance was previously announced in November 2018 and Reliance shareholders approved the transaction earlier this month.
Contemporaneously with the completion of the Reliance acquisition, Reliance Bank was merged into Simmons Bank, according to bank officials.
“Today we are excited to welcome our new customers and be able to offer them the full suite of Simmons’ financial products and services,” said George A. Makris, Jr., chairman and CEO of Simmons. “By adding over 20 bank branches to our presence in the St. Louis metropolitan area, this merger will strengthen our market share and bring forth additional opportunities for us to better serve this important region, which crosses into Illinois.”
With the completion of the merger of Reliance, Simmons now has approximately $17.6 billion in consolidated assets and more than 200 branch locations across Arkansas, Colorado, Illinois, Kansas, Missouri, Oklahoma, Tennessee and Texas.
“The Reliance team is looking forward to working with Simmons Bank to build an even stronger franchise and continuing our proud legacy of delivering an exceptional banking experience,” said Thomas H. Brouster, Sr., former chairman of Reliance. “We’re confident that the combination will bring significant opportunities and benefits to all of our customers, employees and the communities we serve.”
Brouster will serve in an advisory capacity to the St. Louis market following the transaction.
“The transaction was a team effort, one that required the contribution and support of both organizations,” said Marty Casteel, chairman and CEO of Simmons Bank. “We have always believed that our unwavering commitment to excellent customer service is what sets us apart, and we look forward to demonstrating this commitment to our new and existing customers in our expanded St. Louis market.”
Simmons is a financial holding company headquartered in Pine Bluff, Arkansas. It has locations in Arkansas, Colorado, Illinois, Kansas, Missouri, Oklahoma, Tennessee and Texas.
Shares of Simmons stock were trading above $25 in midday activity. Shares have traded between a 52-week low of $22.64 and a high of $33.45.