YOUR BUSINESS AUTHORITY

Springfield, MO

Log in Subscribe

Simmons Bank assumes sister subsidiary across state lines

Posted online

An Oklahoma bank is getting Simmons Bank branding.

Simmons First National Corp. (Nasdaq: SFNC) acquired Stillwater, Oklahoma-based Bank SNB after finalizing a $564 million merger with Southwest Bancorp Inc. in 2017, according to past Springfield Business Journal reporting.

As a result, Simmons First National absorbed $2.5 billion in assets, $2 billion in deposits, $1.9 billion in loans and 31 branches from Bank SNB, which became a subsidiary of Simmons but kept the Bank SNB name, according to SBJ archives.

Simmons today announced Bank SNB has now merged with Simmons First National’s lead subsidiary, Simmons Bank, which is headquartered in Pine Bluff, Arkansas.

“Today serves as another great milestone for our company and our customers,” said George Makris Jr., chairman and CEO of Simmons, in a news release. “Our expanded team means more locations, more lending power, and most importantly, more opportunities to serve our customers and communities.”

Bank SNB CEO Mark Funke now serves as southwest division president for Simmons Bank, which reported $15.6 billion in assets as of March 31, according to the release.

“This is a historical event for our company and our customers,” Funke said in the release. “Together, we offer new and enhanced products and services, a broad and complimentary geographic footprint, a strong and stable financial condition, and a focused path to continued growth.”

Simmons Bank operates nine branch and ATM locations in the Springfield area, according to its website. The Simmons' holding company also operates in Arkansas, Colorado, Kansas, Tennessee and Texas, with 200 locations and nearly 2,700 associates, according to the release.

SFNC shares were trading at $31.25 as of 10:40 a.m., compared with a 52-week range of $24.87 to $31.90.

Comments

No comments on this story |
Please log in to add your comment
Editors' Pick

Open for Business: OMG Commerce

OMG Commerce relocated for the third time since opening eight years ago; The Spa Gallery opened; and The Wheelhouse rolled into its first brick-and-mortar operation.

Most Read