Simmons Bank pens $72M acquisition

Pine Bluff, Ark.-based Simmons First National Corp. (Nasdaq: SFNC), known locally for buying two Springfield companies last year, signed another acquisition agreement.

The company announced plans to buy Jackson, Tennessee-based Hardeman County Investment Co. Inc. in a deal valued at $72.2 million. Hardeman County Investment owns First South Bank, according to a news release.

“The combination of First South Bank and Simmons Bank presents a great opportunity for additional growth with expanded products and services in markets very important to our company,” Simmons Bank Chairman and CEO George Makris Jr. said in the release. “The addition of First South Bank strengthens our presence in western Tennessee and gives us a partner that shares common goals, experiences, cultures and reputations as outstanding community bankers and corporate citizens.”

Simmons Bank last year bought Springfield companies Liberty Bancshares Inc. and Ozark Trust and Investment Corp.

In the latest deal, it stands to gain $464 million in assets from Hardeman County Investment Co., as well as $372 million in deposits, $260 million in loans and 10 branches.

The transaction is slated to close in the first quarter pending regulatory approvals and the go-ahead by Hardeman’s shareholders. Upon completion of the purchase, Hardeman would act as a subsidiary of Simmons until it is merged into the company, according to the release.

Simmons Bank posted third-quarter net income available to common shareholders of $23.4 million, an 8.5 percent bump from $21.6 million a year earlier. As of Sept. 30, the company held assets of $8.2 billion and deposits of $6.6 billion.

SFNC shares were trading at $59.25 as of 9:47 a.m., near a 52-week high of $60.60. Its 52-week low is $38.30.