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News Breaks | | | | September 16, 2012 | | 12:27 EDT |  | SFNC | Simmons First announces acquisition
Simmons First National announced, through its wholly-owned bank subsidiary, Simmons First National Bank, SFNB, that it has expanded into the St. Louis, Missouri market by acquiring approximately $282M in assets of Truman Bank of St. Louis from the Federal Deposit Insurance Corporation, the "FDIC". Truman Bank was closed today by the Missouri Division of Finance, which appointed the FDIC as receiver. Of the $282M in assets acquired, SFNB has entered into a purchase and assumption agreement with the FDIC to purchase $219M in assets and assume substantially all of the deposits and other liabilities, at a discount of $20.9M and no deposit premium. The remaining $63M in assets acquired were through a loan sale agreement with the FDIC, at a 12% discount. The final valuation and purchase price of acquired assets and liabilities will be determined upon completion of appropriate valuation processes. | |
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