Simmons First to acquire Tenn. banking company

Pine Bluff, Ark.-based Simmons First National Corp. (Nasdaq: SFNC) has penned a definitive agreement to purchase a Union, Tenn.-based banking company.

Simmons First, which operates a Springfield branch of Simmons Bank at 3333 E. Battlefield Road, expects to close on the roughly $243.4 million purchase of Community First Bancshares Inc. in the fourth quarter, according to a news release.

With the purchase, Simmons First would gain $1.9 billion in assets, $1.1 billion in loans, $1.6 billion in deposits and 32 financial centers throughout Tennessee. Community First operates its branches under the name First State Bank.

“The leadership of First State throughout its 127 years has built a franchise focused on meeting the financial service needs of its customers in the markets it serves. We believe this partnership will enhance the customer experience for both Simmons and First State customers," Simmons First Chairman and CEO George Makris Jr. said in the release.

Simmons First holds some 100 branches in Arkansas, Missouri and Kansas, as well as $4.4 billion in assets, the release said.

SFNC shares were trading at $37.31 as of 11:24 a.m., compared to a 52-week range of $24.06 to $39.05.