Business
Simmons First National Corporation Announces Agreements to Acquire Landmark Community Bank and Triumph Bancshares, Inc.
Acquisitions will complement existing footprint and enhance scale in Memphis and Nashville; will create the 9th largest bank in Tennessee based on deposit
About this update from Simmons First National Corporation
[{"type":"text","content":"Acquisitions will complement existing footprint and enhance scale in Memphis and Nashville; will create the 9th largest bank in Tennessee based on deposit market share\nPINE BLUFF, Ark., June 07, 2021 (GLOBE NEWSWIRE) -- Simmons First National Corporation (NASDAQ: SFNC) (“Simmons” or “Company”) announced today that it has entered into two separate definitive agreements to acquire Landmark Community Bank (“Landmark”), based in Collierville, Tenn., and Triumph Bancshares, Inc. (\"Triumph\"), the parent company of Triumph Bank, based in Memphis, Tenn. On a pro forma basis, the proposed Landmark and Triumph transactions (together, the “Proposed Transactions”) will create the 9th largest bank in Tennessee (based upon deposit market share) while vaulting Simmons’ ranking in Memphis from 35th to 6th and in Nashville from 20th to 15th. “Landmark and Triumph are two successful, local community banks who share our philosophy of a strong credit culture, significant community involvement and a passion for delivering excellent customer service,” said George A. Makris, Jr., Simmons’ chairman and CEO. “The opportunity to combine forces with these two institutions also highly complements our existing footprint in Tennessee and enhances our scale in two of our key growth markets – Memphis and Nashville. In addition to cultural and geographic synergies, the financial metrics of these mergers are compelling and consistent with our M&A strategy of partnering with high-quality banks within our current footprint that represent an efficient use of our capital and delivers on our commitment of building long-term value for our shareholders. We’re very excited to welcome our newest partners to the Simmons organization.” Financial highlights for Simmons, Landmark, Triumph and on a pro forma basis are shown below (unaudited as of March 31, 2021, except where otherwise noted): ($ in billions) SimmonsLandmarkTriumphPro FormaAssets$23.3$1.0$0.9$25.2Loans12.20.80.713.7Deposits18.20.80.819.8Branches19886212Deposit market share (1) (rank): Tennessee13th34th35th9thMemphis MSA35th12th10th6thNashville MSA20th39th50th15th Source: S&P Global Market Intelligence; (1) Data as of June 30, 2020 “We believe the opportunity to join the Simmons team is very positive for Landmark’s stakeholders,” said James “Jake” Farrell, Landmark’s chairman, president and CEO. “We are exci...