PINE BLUFF, Ark.- Simmons First National Corporation announced Monday it will expand its operations further into Tennessee with two separate agreements to acquire Landmark Community Bank and Triumph Bancshares, Inc.
According to a statement released Monday by the corporation, the proposed acquisitions of Landmark Community Bank, based in Collierville, Tennessee, Triumph Bancshares, Inc., the parent company of Triumph Bank based in Memphis, Tennessee, will create the ninth-largest bank in Tennessee on a pro forma basis.
Landmark has eight branches, all in Tennessee, according to its website, while Triumph’s site listsix locations in Tennessee.
Simmons chairman and CEO George A. Makris Jr. said the two banks shared Simmons business philosophy and allowed his company to scale up operations in two growing markets, Memphis and Nashville.
“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,” Makris said in a release. “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.”
Simmons’ proposed transaction with Landmark includes consideration of a mixture of cash and common stock valued at approximately $146.3 million, while the Triumph acquisition is mix of cash and stock valued at $131.6 million. Both deals are based on the company’s closing price on June 4 and subject to certain conditions and potential adjustments.
Simmons officials said the proposed transactions have been approved by the organizations’ boards of directors and are subject to the approval of Landmark’s shareholders and Triumph’s shareholders, regulatory approval and other customary closing conditions.
The proposed transactions are expected to close during the fourth quarter of 2021.