We believe this merger places us in an advantageous position to capture future growth in the Lone Star State.” These markets have been among the fastest growing in the nation in terms of population and economic activity and projections call for this trend to continue. “Strengthening our Texas franchise has been a strategic priority and to partner with Spirit not only enhances our current footprint, but also establishes a platform for growth in Houston, Austin, San Antonio and College Station. “Spirit is a highly regarded, high performing bank with whom we share a common philosophy – providing outstanding customer service and developing deep and long-lasting relationships with the clients and communities that we serve and where we live,” said George Makris, Jr., Simmons’ Chairman and CEO. Which were acquired by the Company on October 8, 2021. Note: Simmons data includes the pro forma results of Landmark Community Bank and Triumph Bancshares, Inc. Source: S&P Global Market Intelligence (1) Based on deposit market share data as of June 30, 2021
Under the terms and subject to the conditions of the Merger Agreement, shares of Spirit’s common stock and Spirit’s restricted stock units will be converted into the right to receive shares of Simmons’ common stock, and Spirit’s stock options and warrants will be cashed out. (NASDAQ: STXB) (“Spirit”) announced today the execution of a definitive merger agreement (the “Merger Agreement”) pursuant to which Simmons will acquire Spirit, and its wholly-owned subsidiary, Spirit of Texas Bank SSB (the “Proposed Transaction”), in a transaction consisting of a mixture of cash and Simmons’ common stock with an aggregate value of approximately $581 million, based on the Simmons’ closing stock price of $31.73 on November 17, 2021. 19, 2021 (GLOBE NEWSWIRE) - Simmons First National Corporation (NASDAQ: SFNC) (“Simmons” or “Company”) and Spirit of Texas Bancshares, Inc. Transaction will significantly enhance Simmons’ scale in the Lone Star State complement existing footprint while expanding into high-growth metro markets - Austin, Houston, San Antonio, Corpus Christi and Bryan-College Station
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