Simmons, Arvest Announce Acquisitions

Simmons First National Corp. will nearly double its market share in Northwest Arkansas with the purchase of Lincoln Bancshares Inc.

The deal, announced Aug. 26, will add assets of $73 million to Simmons, which already has assets of about $80 million in its Northwest Arkansas operations.

Lincoln Bancshares owns Bank of Lincoln, which has offices in both Lincoln and Prairie Grove. Loyd R. Swope, chairman and chief executive officer of the Lincoln bank, will remain with the company.

Lincoln stockholders will receive 301,833 shares of Simmons First stock in the deal. Simmons First closed at $42 on the day of the announcement, making the deal worth nearly $12.7 million.

Joe Mills, who’s president of Simmons First Bank of Northwest Arkansas, says the Lincoln purchase “fits into our family of banks, both from a philosophy standpoint and a quality of customer service standpoint.” Lincoln’s long tradition of customer service and family banking meshes nicely with Simmon’s philosophy, he says.

Mills also pointed out that Bank of Lincoln was established in 1903 – the same year Simmons was founded.

The deal is subject to regulatory approval and is expected to close in early 1999.