With the acquisition of Spirit of Texas Bancshares Inc., of Conroe, Texas completed, Simmons First National Corp. is now the state’s largest bank by assets, according to a story in Arkansas Business Monday.
The cash and stock deal had an announced value of $581 million in total assets which moved Simmons in front of Arvest Bank of Fayetteville.
Arkansas Business reported that the transaction brings Simmons $14.3 billion in loans and $22.1 billion in deposits. Spirit was a publicly traded bank holding company and Simmons now has 57 branches in Texas with new locations in major markets like Houston, Austin and San Antonio.
Technology systems and customer accounts for Spirit banks were completed over the weekend and the sites began operating Monday under the Simmons names.
Simmons CEO George Makris was quoted as saying the acquisition, which was announced in November, positions the company to increase shareholder value by bringing a broad array of products, services and digital capabilities to new customers.
“We are grateful to the hundreds of associates across the combined organizations who have worked tirelessly to help achieve this milestone in less than five months,” Makris was quoted as saying. “With a shared commitment to serving our customers and supporting the communities where we live and work, we are well positioned to capture future growth in the Lone Star State.”