Simmons First acquiring Little Rock banking company

Pine Bluff, Ark.-based Simmons First National Corp. (Nasdaq: SFNC) has entered a definitive agreement to purchase a Little Rock banking company in a transaction valued at $66 million.

Simmons First, which operates a Springfield branch of Simmons First National Bank at 3333 E. Battlefield Road, expects to close in the third quarter on the acquisition of Delta Trust & Banking Corp., a company with some $431 million in assets, $377 million in deposits and $319 million in loans, according to a news release.

The deal calls for Simmons First to purchase all outstanding common stock of Delta Trust, pending approval by the Little Rock company's shareholders, as well as regulatory approvals. The transaction would result in nine new banks for Simmons First.

Simmons First's November acquisition of Little Rock, Ark.-based Metropolitan National Bank - separate from a Springfield bank of the same name - added some 45 branches to Simmons, which claims around 100 in Arkansas, Missouri and Kansas, according to SimmonsFirst.com.

SNFC shares were trading at $38.53 as of 10:59 a.m., compared to a 52-week range of $23.16 to $38.80. Its 52-week high was hit this morning upon announcement of the Delta purchase deal.