LITTLE ROCK — Simmons First National Corp., parent company of Pine Bluff-based Simmons Bank, said Monday it has completed acquisition of Hardeman County Investment Co.
Based in Jackson, Tenn., Hardeman is the parent company of First South Bank, which was founded in 1903 and operates 10 branches in western Tennessee. As of March 31, FSB had assets of $476 million.
A definitive agreement to acquire Hardeman was previously announced in November 2016. Hardeman’s shareholders approved the transaction earlier this month.
“First South Bank is a natural addition to our growing footprint,” George 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.”
With the completion of the acquisitions, Simmons said it has about $9.1 billion in assets, $6 billion in loans, $7.2 billion in deposits, 2,000 associates and more than 150 branch locations across Arkansas, Kansas, Missouri and Tennessee.
Simmons said FSB will continue operations as a separate bank subsidiary of Simmons until it is merged into Simmons Bank. That conversion is slated for completion Sept. 5.
Simmons said FSB’s customers should continue their banking as usual and can expect a smooth transition.