Simmons First National Corp. of Pine Bluff said Monday that it completed its acquisition of Hardeman County Investment Co. Inc. of Jackson, Tennessee, a deal that includes Hardeman's wholly owned bank subsidiary, First South Bank.
Simmons (Nasdaq: SFNC), the parent company of Simmons Bank, announced the deal in November. At the time, the transaction was valued at $72.2 million.
"First South Bank is a natural addition to our growing footprint," George A. Makris, Jr., Simmons' chairman and CEO, said in a news release. "First South and Simmons have similar cultures and operating styles, and together, we have a strong presence in western Tennessee. We look forward to continuing to serve our customers in this region with our combined product and service offerings."
The deal means Simmons now has about $9.1 billion in assets, $6 billion in loans and $7.2 billion in deposits. The company has 2,000 employees and more than 150 branches across Arkansas, Kansas, Missouri and Tennessee.
Simmons said First South Bank will continue as a separate bank subsidiary of Simmons until it is merged into Simmons Bank. The conversion is scheduled for completion Sept. 5.