Business
Simmons Receives Federal Reserve Approval for Pending Acquisitions of Landmark Community Bank and Triumph Bancshares, Inc.
PINE BLUFF, Ark., Aug. 12, 2021 (GLOBE NEWSWIRE) -- Simmons First National Corporation (NASDAQ: SFNC) (the “Company” or “Simmons”) announced today that the
About this update from Simmons First National Corporation
[{"type":"text","content":"PINE BLUFF, Ark., Aug. 12, 2021 (GLOBE NEWSWIRE) -- Simmons First National Corporation (NASDAQ: SFNC) (the “Company” or “Simmons”) announced today that the Federal Reserve Bank of St. Louis (“Federal Reserve”) has approved Simmons Bank’s applications for its proposed acquisitions of Landmark Community Bank (“Landmark”) based in Collierville, Tennessee, and Triumph Bank, the bank subsidiary of Triumph Bancshares, Inc. (“Triumph”), based in Memphis, Tennessee. The Federal Reserve also accepted Simmons’ waiver request with respect to its application for its proposed acquisition of Triumph. “We are pleased to receive Federal Reserve approval of our acquisitions of Landmark and Triumph that will enhance our scale in the Memphis and Nashville markets, accelerate our growth trajectory and drive long-term shareholder value,” said George A. Makris, Jr., Simmons’ chairman and CEO. “Landmark and Triumph are two successful, local community banks with whom we share a common set of principles and culture, a commitment to the communities we serve and a passion for delivering superior customer service. We look forward to bringing a broader array of products and services, including our leading-edge mobile banking app, to our newest group of customers.” The transactions with Landmark and Triumph, which have already been approved by the organizations’ respective boards of directors, are expected to close in the fourth quarter of 2021, subject to the satisfaction of customary closing conditions, including, among others, approval of Landmark’s shareholders (in the case of the Landmark transaction) and Triumph’s shareholders (in the case of the Triumph transaction), as well as approval by the Arkansas State Bank Department. Conversion of Landmark and Triumph Bank customer accounts into Simmons Bank is expected to take place immediately after closing. Until conversion, Landmark and Triumph Bank customers will continue to be served through their respective Landmark and Triumph Bank branches, website and mobile apps. Simmons First National CorporationSimmons First National Corporation (NASDAQ: SFNC) is an approximately $23.4 billion asset Mid-South based financial holding company whose principal subsidiary, Simmons Bank, operates 198 financial centers, including 68 in Arkansas, 48 in Missouri, 33 in Tennessee, 23 in Texas, 20 in Oklahoma and 6 in Kansas...