Simmons is largest Arkansas bank following Texas merger
Simmons First National Corp. officially completed the acquisition of Spirit of Texas Bancshares, Inc., the parent company of Spirit of Texas Bank SSB, based in Conroe, Texas, effective April 8, 2022. A definitive agreement to acquire Spirit was previously announced by Simmons on Nov. 19, 2021 (see below), with Spirit’s shareholders approving the transaction in February 2022.
As a result of the acquisition, Spirit of Texas Bank SSB was merged into Simmons, with Simmons Bank as the surviving institution. Conversion of technology systems and customer accounts for Spirit were completed over the weekend, with former Spirit of Texas Bank SSB branches opening under the Simmons Bank name on Monday, April 11.
“Our acquisition of Spirit further enhances the size and scale of our Texas franchise and positions us to increase shareholder value over time by bringing our broad array of products, services and leading-edge digital capabilities to new markets and clients,” said George A. Makris, Jr., chairman and CEO of Simmons. “We are grateful to the hundreds of associates across the combined organization who have worked tirelessly to help achieve this milestone in less than five months. With a shared commitment to serving our customers and supporting the communities where we live and work, we are well positioned to capture future growth in the Lone Star State.”
Simmons Bank was recently named to Forbes magazine’s “World’s Best Banks” for the third consecutive year. The recognition is based on surveys conducted by Forbes and Statista that evaluated feedback from 45,000 banking customers across 27 countries. Questions targeted topics such as trust, terms, customer service, digital service and financial advice.
Read more: https://www.armoneyandpolitics.com/simmons-largest-bank-arkansas-texas-merger/