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Simmons First National Closes Citizens National Bank Deal
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With an aim to expand its footprint in East Tennessee, Simmons First National Corporation (SFNC - Free Report) completed the acquisition of Citizens National Bank, headquartered in Athens, TN. Notably, the definitive agreement to acquire the bank was sealed in May 2016, but the approval from Citizens National Bancorp, Inc.’s shareholders was received on Thursday.
The transaction value was approximately $77 million, consisting of 835,741 shares of Simmons First National’s common stock and $40.3 million in cash.
Expansion of Footprint & Financial Services
George A. Makris, Jr., Chairman and CEO of Simmons First National, stated, “Citizens has a long tradition of providing exemplary banking services to its customers. We plan on continuing its commitment to its customers, associates and communities as we strengthen our presence in East Tennessee. Combined, our organizations can go forward offering enhanced financial services as a premier community banking organization positioned for continued, long-term success.”
After the acquisition of First State Bank of Union City in 2015, Simmons First National had a total of 37 Tennessee branches. With the completion of this deal, the company now has approximately $8.1 billion in assets, $5.3 billion in loans, $6.5 billion in deposits and more than 145 locations across Arkansas, Kansas, Missouri and Tennessee.
What’s Next?
Citizens National Bank will temporarily remain as a separate bank and will continue its operations as a subsidiary of the Simmons First National until its merger with the Simmons Bank is complete. The merger and system conversion is scheduled on Oct 21, 2016.
Further, the merger is expected to enhance the quality of the banking services that the Citizens National Bank has provided its customers for more than 100 years. Also, Citizens President, Jack B. Allen, will be joining Simmons Bank as East Tennessee community president.
Currently, Simmons First National holds a Zacks Rank #5 (Strong Sell).
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Simmons First National Closes Citizens National Bank Deal
With an aim to expand its footprint in East Tennessee, Simmons First National Corporation (SFNC - Free Report) completed the acquisition of Citizens National Bank, headquartered in Athens, TN. Notably, the definitive agreement to acquire the bank was sealed in May 2016, but the approval from Citizens National Bancorp, Inc.’s shareholders was received on Thursday.
The transaction value was approximately $77 million, consisting of 835,741 shares of Simmons First National’s common stock and $40.3 million in cash.
Expansion of Footprint & Financial Services
George A. Makris, Jr., Chairman and CEO of Simmons First National, stated, “Citizens has a long tradition of providing exemplary banking services to its customers. We plan on continuing its commitment to its customers, associates and communities as we strengthen our presence in East Tennessee. Combined, our organizations can go forward offering enhanced financial services as a premier community banking organization positioned for continued, long-term success.”
After the acquisition of First State Bank of Union City in 2015, Simmons First National had a total of 37 Tennessee branches. With the completion of this deal, the company now has approximately $8.1 billion in assets, $5.3 billion in loans, $6.5 billion in deposits and more than 145 locations across Arkansas, Kansas, Missouri and Tennessee.
What’s Next?
Citizens National Bank will temporarily remain as a separate bank and will continue its operations as a subsidiary of the Simmons First National until its merger with the Simmons Bank is complete. The merger and system conversion is scheduled on Oct 21, 2016.
Further, the merger is expected to enhance the quality of the banking services that the Citizens National Bank has provided its customers for more than 100 years. Also, Citizens President, Jack B. Allen, will be joining Simmons Bank as East Tennessee community president.
Currently, Simmons First National holds a Zacks Rank #5 (Strong Sell).
Stocks that Warrant a Look
Some better-ranked stocks in the finance space include Comerica Incorporated (CMA - Free Report) , Apollo Global Management, LLC (APO - Free Report) and Meta Financial Group, Inc. (CASH - Free Report) , each sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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