YOUR BUSINESS AUTHORITY

Springfield, MO

Simmons Bank finalizes $81M in transactions

Posted online

Pine Bluff, Arkansas-based Simmons First National Corp. (Nasdaq: SFNC) completed the $9.3 million sale of its property and casualty insurance business and also ironed out the details of a $72 million acquisition.

Insurance sale
Simmons sold its P&C insurance business to Memphis, Tennessee-based Sunstar Insurance Group LLC for $9.3 million. The financial institution operated the offices as FSB Insurance Inc., Simmons First Insurance Services Inc. and Simmons First Insurance Services of TN LLC.

The sale does not include the majority of Simmons Bank’s life, health and employee benefits insurance services, according to a news release.

Sunstar Insurance Group has 11 offices, including one in Springfield at 1801 W. Norton Road. Simmons’ 54 P&C insurance employees transferred to Sunstar, but none moved to the Queen City office, said spokeswoman Caroline Makris. She noted, however, that “Sunstar Insurance Group’s network directly aligns with and can seamlessly support Simmons’ markets.”

Acquisition finalization
After closing on the $72.2 million purchase of Jackson, Tennessee-based Hardeman County Investment Co. Inc. in May, Simmons Bank completed the merger of the company into its operations yesterday.

“This conversion was the culmination of countless hours spent by an outstanding group of associates dedicated to not only making this transition possible but also making it a success,” said Marty Casteel, chairman and CEO of Simmons Bank, in a news release.

Simmons Bank, which operates six branches in Springfield, gained Hardeman County Investment’s 10 First South Bank branches, $464 million in assets, $372 million in deposits and $260 million in loans through the deal. Now, Simmons has $9.1 billion in assets, $7.1 billion in deposits, $6.2 billion in loans, 2,000 employees and 150 branches in four states.

Known locally for purchasing Liberty Bancshares Inc. and Ozark Trust and Investment Corp., Simmons recorded second-quarter net income of $23.1 million, up from $22.9 million a year earlier.

SFNC shares were trading at $51.78 as of 9:06 a.m., compared with a 52-week range of $45.90 to $67.

Comments

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

Crossroads in Republic ripe for industrial park

Two buildings in a budding Republic industrial park just might be the welcome mat officials need.

Most Read
SBJ Live logo
MOST-WATCHED VIDEOS
Training Bootcamp: Training Needs Assessment

All workplace problems have root causes. When will training be the solution? Sherry Coker, OTC Center for Workforce Development business development director, provides you the framework of a training needs assessment, which will uncover the root causes of a workplace problem and help you determine if training is the solution. A download is available at workforce.otc.edu/bootcamp with a complete outline for an effective training needs assessment. This is sponsored content. Duration: 2:29

Don’t Micro-Manage Are you guilty of micromanaging your employees? “If we’re going to require them to be that educated when they come to work for us, should we not let them do their job? They should know so much …
Seek Wisdom from Many “My whole life goal is to change the world, one connection at a time,” says Keisha Mabry. Mabry, who is an author, speaker, and social entrepreneur, says she had a “quarter-life crisis” and …
DNA Uncovers Best Version of You A simple swab of the inside of your cheek can lead to optimizing your nutrition and fitness program, personal medication profile, in addition to your ancestry. According to Austin O’Reilly, owner …
Booked - Go Back to the Basics “You’ve gotta go back to the basics,” says Larry Peterson, Executive Director, Habitat for Humanity of Springfield Missouri. Peterson says he gains leadership advice from General Ulysses S. …