(AP) – Arkansas-based Simmons First National Corporation says
it plans to acquire Texas-based First Texas BHC, Inc., the parent company of
Southwest Bank, in a transaction valued at about $462 million.
Under terms of an agreement announced Monday, First Texas’s shareholders will
receive 6.5 million shares of the company’s common stock and $70 million in
Completion of the transaction is expected during the third quarter and is
subject to approval by the shareholders of First Texas and Simmons. After
closing, Southwest will continue operations as a separate bank subsidiary until
it is merged into Simmons Bank.
George A. Makris, Jr., chairman and CEO of Simmons, says the company entered
the Texas markets last year and has a chance to grow by joining one of the most
respected financial organizations in Texas.
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