Simmons First National Corporation to acquire First Texas



     (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

cash.

     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.




   

WebReadyTM Powered by WireReady® NSI