Simmons First completes acquisition of Ark. bank

Pine Bluff, Ark.-based Simmons First National Corp. (Nasdaq: SFNC) on Monday completed the acquisition of Little Rock-based Metropolitan National Bank.

Simmons First agreed to pay $53.6 million in cash to Rogers Banchshares Inc., holding company of Metropolitan National - which is separate than the Springfield bank of the same name. The purchase is expected to boost Simmons First's operations in central and northwest Arkansas. Simmons First entered the Springfield market via acquisition in mid-2010, when it purchased the assets of the failed Southwest Community Bank. The company operates a Springfield branch of Simmons First National Bank at 3333 E. Battlefield Road.

The acquisition incorporates some 45 Metropolitan branches into the Simmons First system. The company plans to consolidate redundant branches in March, according to a news release.

The Simmons First holding company posted third-quarter earnings of $6.9 million, a 2.5 percent bump from profits of $6.8 million in the same quarter of 2012.

SFNC shares closed yesterday at $34.19, near a 52-week high of $34.91 set Nov. 8. The company's 52-week low is $23.11.[[In-content Ad]]