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Simmons Receives Federal Reserve OK for Acquisition of Spirit of Texas Bancshares

February 10, 2022, 07:15 AM
Filed Under: Mergers & Acquisitions

Simmons First National Corporation announced the Federal Reserve Bank of St. Louis has approved Simmons Bank’s application for its proposed acquisition of Spirit of Texas Bank SSB, the bank subsidiary of Spirit of Texas Bancshares, Inc. (Spirit), based in Conroe, TX. The Federal Reserve also accepted Simmons’ waiver request with respect to its application for its proposed acquisition of Spirit.

“We are pleased to receive Federal Reserve approval of our acquisition of Spirit that will accelerate our growth trajectory and drive long-term shareholder value,” said George A. Makris, Jr., Simmons’ Chairman and CEO. “Strengthening our Texas franchise has been a strategic priority. The opportunity 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. The combination of our two organizations places us in an advantageous position to capture future growth in the Lone Star State. We look forward to bringing a broader range of products and services, including our growing array of leading-edge digital capabilities, to our newest group of customers.”

The transaction with Spirit, which has already been approved by the organizations’ respective boards of directors, is expected to close in the second quarter of 2022, subject to the satisfaction of customary closing conditions, including, among others, approval of Spirit’s shareholders, as well as approval by the Arkansas State Bank Department. Conversion of Spirit of Texas Bank SSB customer accounts into Simmons Bank is expected to take place immediately after closing. Until conversion, customers will continue to be served through their respective Simmons Bank and Spirit of Texas Bank SSB branches, website and mobile apps.

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