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Simmons First Completes Acquisition of Tennessee Bank

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Simmons First National Corp. of Pine Bluff said Friday that it has completed its previously announced acquisition of Citizens National Bank of Athens, Tennessee.

The deal, announced in May, was approved by Citizens National Bancorp Inc. shareholders on Thursday, Simmons said in a news release.

In May, Simmons put the value of the deal, which consists of 835,741 shares of Simmons' common stock and $40.3 million in cash, at $77 million

"Citizens has a long tradition of providing exemplary banking services to its customers," Simmons First Chairman and CEO George Makris said. "We plan on continuing its commitment to its customers, associates and communities as we strengthen our presence in east Tennessee. Combined, our organizations can go forward offering enhanced financial services as a premier community banking organization positioned for continued, long-term success."

With the acquisition complete, Simmons (Nasdaq: SFNC) has about $8.1 billion in assets, $5.3 billion in loans, $6.5 billion in deposits and more than 145 locations in Arkansas, Kansas, Missouri and Tennessee.

As of March 31, CNB had assets of $552 million, deposits of $473 million and equity capital of $63.5 million. It earned $6.4 million in 2015, for a return on assets of 1.21 percent, and $4.7 million in 2014 (0.9 percent).

Athens is between Chattanooga and Knoxville, and Citizen National's nine branches are all in that corridor, which will expand Simmons' footprint further east.

Simmons currently has 37 Tennessee branches, the result of the 2015 acquisition of First State Bank of Union City, but only one is in Knoxville.

Citizens will temporarily remain a separate bank and continue its operations as a subsidiary of Simmons First National Corp. until merged into Simmons Bank. The merger and system conversion is scheduled for Oct. 21.  

The company said Citizens President Jack B. Allen will join Simmons Bank as community president of east Tennessee.


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