Fed approves Simmons First's purchase of Liberty Bank

The Federal Reserve Board of Governors yesterday approved the acquisition agreement by Pine Bluff, Ark.-based Simmons First National Corp. (Nasdaq: SFNC) for Springfield-based Liberty Bancshares Inc.

With federal approval, Simmons First expects to close on the deal around Feb. 27, according to a filing with the U.S. Securities and Exchange Commission.

The Fed board yesterday also approved Simmons’ acquisition of Union, Tenn.-based Community First Bancshares Inc.

Currently holding assets of $4.8 billion and deposits of $4 billion - making it the 185th largest depositary in the U.S. - Simmons’ purchase of Liberty comes with $1.1 billion in assets and $881.2 million in deposits. Liberty is the 22nd largest depositary in Missouri and 630th largest in the nation, according to the Fed.

Announced in May, Simmons agreed to purchase 19-year old Liberty Bank in a transaction valued at $206.9 million.

Recently, Simmons reported 2014 earnings of $35.7 million, a 54 percent improvement over 2013, according to Springfield Business Journal archives.

SFNC shares were trading at $40.27 as of 12 p.m., compared to a 52-week range of $33.05 to $43.22.[[In-content Ad]]