Simmons to be largest Arkansas bank following Texas merger
Pine Bluff-based Simmons First National Corporation announced Friday the execution of a merger agreement in which Simmons will acquire Spirit, and its wholly-owned subsidiary, Spirit of Texas Bank (SSB). The success of the proposed transaction would make Simmons the largest Arkansas bank by asset size.
Spirit is a Texas-based bank holding company that operates 37 locations primarily in the Texas Triangle – consisting of the Dallas-Fort Worth, Houston, San Antonio and Austin metropolitan areas. As of Sept. 2021, Spirit had total assets of $3.2 billion, total loans of $2.3 billion and total deposits of $2.7 billion.
The transaction will significantly enhance Simmons’ scale in the Lone Star State and complement the company’s existing footprint while expanding into high-growth metro markets such as Austin, Houston, San Antonio, Corpus Christi and Bryan-College Station.
The transaction consists of a mixture of cash and Simmons’ common stock with an aggregate value of approximately $581 million, based on the Simmons’ closing stock price of $31.73 on Nov. 17, 2021.
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