PINE BLUFF, AR (STL.News) Simmons First National Corp. (NASDAQ: SFNC) (Simmons or Company) announced today that it had completed the acquisitions of Landmark Community Bank (Landmark) based in Collierville, Tenn., and Triumph Bancshares, Inc. (Triumph), the parent company of Triumph Bank, based in Memphis, Tenn., effective October 8, 2021. Separate definitive agreements to acquire Landmark and Triumph were previously announced on June 7, 2021, with Landmark’s and Triumph’s respective shareholders approving their respective transaction in September 2021.
As a result of the acquisitions, Landmark and Triumph Bank were individually merged into Simmons Bank (the subsidiary bank of Simmons), with Simmons Bank as the surviving institution. Conversion of technology systems and customer accounts for both Landmark and Triumph Bank were simultaneously completed over the Columbus Day holiday weekend, with former Landmark and Triumph Bank branches opening under the Simmons Bank name on Tuesday, Oct. 12.
“We’re very pleased to welcome Landmark and Triumph customers to Simmons Bank and look forward to providing them access to a broader array of products and services delivered by associates focused on ensuring they have an excellent customer experience,” said George A. Makris, Jr., chairman, and CEO of Simmons. “The completion of two acquisitions in four short months since we announced the transactions, including receiving regulatory and shareholder approval, converting customer accounts, and simultaneously completing systems conversions, while also navigating an ever-changing pandemic environment, is a testament to the talented team we have built at Simmons.”
Under the terms of the respective merger agreements, each share of Landmark common stock was converted into 0.2025568 shares of Simmons common stock (with cash paid in lieu of fractional shares) and approximately $0.29 in cash; and each share of Triumph common stock was converted into 0.9053653 shares of Simmons common stock (with cash paid in lieu of fractional shares) and approximately $0.37 in cash.
With the completion of these acquisitions, Simmons has over $25 billion in assets, nearly $13 billion in loans, and nearly $20 billion in total deposits based on data as of June 30, 2021.
Based on FDIC deposit market share data as of June 30, 2021, prior to the Landmark and Triumph acquisitions, Simmons Bank ranked as the 11th largest bank in Tennessee. On a pro forma basis (including Landmark and Triumph Bank deposits at June 30, 2021), Simmons Bank now ranks as the 8th largest bank in Tennessee, the 7th largest bank in the Memphis MSA, and the 14th largest bank in the Nashville MSA based on deposit market share.