Simmons Bank announced Monday that it was the successful bidder at a public auction of all of the capital stock of Heartland Bank of Little Rock. The auction was held Monday in order to satisfy certain indebtedness of Rock Bancshares, Inc., Heartland’s holding company. As the successful bidder, Simmons is now Heartland’s sole shareholder.
The purchase price was not disclosed.
“Heartland’s challenging circumstances have been well publicized over the past several months,” said Marty Casteel, Simmons’ chairman, president and chief executive officer. “Simmons’ immediate goal is to create a stable environment for that bank to continue providing its customers with the products and services they need.”
Larry Bates has assumed the role of Heartland’s chairman, president and chief executive officer, according to a news release.
“Larry is a fantastic leader with years of banking experience,” Casteel said, “and I am confident in his ability to manage the day-to-day affairs of this institution.”
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Bates said, “I am excited about this opportunity and look forward to joining with Heartland’s associates as we work to enhance the organization and service its customers.”
Steve Wade and Lisa Hunter were also named executive vice presidents of lending and operations, respectively.
The financially-troubled Heartland operates five locations, including two in Little Rock and one in Sheridan. Following the auction, Simmons and Heartland will remain separately chartered state banks, although Simmons is evaluating its next steps with respect to the institution, a news release from Simmons said.