Simmons First National Corp. announced Monday that it has entered into two separate definitive agreements to acquire Landmark Community Bank based at Collierville, Tenn., and Triumph Bancshares Inc., the parent company of Triumph Bank, based at Memphis.
On a pro forma basis, the proposed Landmark and Triumph transactions will create the ninth largest bank in Tennessee, based upon deposit market share, while vaulting Simmons’ ranking in Memphis from 35th to sixth and in Nashville from 20th to 15th, according to the news release.
“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 chief executive officer. “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.”
James “Jake” Farrell is Landmark’s chairman, president and CEO.
“We believe the opportunity to join the Simmons team is very positive for Landmark’s stakeholders,” Farrell said. “We are excited to become part of the Simmons organization, and we look forward to using Simmons’ resources to strengthen and expand our business while continuing to provide locally focused banking services to our customers. With access to Simmons’ broader array of consumer and commercial products, combined with their leading-edge digital capabilities, we will be able to provide greater benefits to our customers and the communities we serve.”
Independent reporting for Pine Bluff & Jefferson County since 1879.
William J. Chase Jr. is Triumph’s president and CEO.
“For years, Triumph Bank has put its clients at the center of its focus, and partnering with Simmons provides our organization with the ability to continue to grow with our clients and meet their changing needs,” Chase said. “In addition to being able to offer our clients a wider breadth of banking products and services, we will have a greater capacity to lend while continuing to deliver the same excellent customer service and active community involvement.”
Details: www.simmonsbank.com.