Simmons First National Corp. announced Friday it completed the acquisition of Liberty Bancshares, the parent company of Liberty Bank of Springfield, Missouri; and Community First Bancshares, the parent company of First State Bank of Union City, Tennessee.
The Pine Bluff-based Simmons had announced its plans to acquire both companies in May 2014 and received approval from Simmons, Liberty and Community First shareholders in November 2014.
“These acquisitions bring together three high-performing organizations with a shared commitment to associates, customers, communities and shareholders,” Simmons First National Corp. Chairman and CEO George A. Makris Jr. said in a written statement. “Together, we create a premier community banking organization positioned for continued, long-term success.”
With the completion of these acquisitions, Simmons has about $7.6 billion in assets, $4.7 billion in loans, $6.2 billion in deposits, more than 2,000 associates and more than 160 locations across Arkansas, Kansas, Missouri and Tennessee, according to a press release.
Both Liberty and First State Bank will temporarily remain separate banks and continue their operations as subsidiaries of Simmons First National Corp. until they are merged into Simmons First National Bank. The Liberty Bank conversion is slated for completion on April 24, 2015, and the First State Bank conversion is scheduled for completion on Sept. 4, 2015.
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“After months of planning and hard work by associates from all three banks, we are looking forward to implementing and completing the integration process,” Simmons Bank Chairman and CEO Marty Casteel said in a written statement. “Liberty and First State customers should continue their banking as usual and will receive the same great service from the same associates they have come to know and trust. We are working closely with teams at both banks to ensure the transition for customers is as easy and seamless as possible.”
Liberty Chairman and CEO Gary Metzger will join Simmons Bank as regional chairman of Missouri and Kansas, Simmons said in a press release. Community First President and CEO John Clark will become regional chairman of Tennessee.
Simmons First National Corp. Chairman and CEO George A. Makris Jr. said in a June 2014 interview that the acquisition of Community First Bancshares Inc. provides Simmons with an initial foothold in Tennessee and an entry into the world of consumer finance.
Liberty Bank is another strong source of small business lending expertise, Makris said in the June 2014 interview.
The acquisitions are the latest in several over recent years for the bank.