Seeking Alpha

Simmons upgraded after Metropolitan Bank buy

  • It's another community bank deal with Simmons First (SFNC) winning bankruptcy court approval to buy Metropolitan National Bank from Rogers Bancshares for $53.6M in cash.
  • MNB has assets of $991M - including loans of $484M - and deposits of $862M. Total equity foots to $62M, with a Tier 1 leverage ratio of 6.46%.
  • Raymond James and Stephens both upgrade Simmons to Buy in lieu of what appears to be an accretive deal.
  • In other community bank M&A news, Larry Seidman ups the pressure (SEC form 13, go to Exhibit A at the end) on OBA Bank (OBAF) to put itself on the block. Seidman owns about 6.9% of the bank's stock.
  • OBA and Ocean Shore Holding (OSHC) are two tapped by SA author Chris DeMuth (OBAF here, OSHC here) as having takeout potential at a significant premium to their current prices following the end of a 3-year moratorium on their sales.
Comments (0)
Be the first to comment
DJIA (DIA) S&P 500 (SPY)
ETF Hub
ETF Screener: Search and filter by asset class, strategy, theme, performance, yield, and much more
ETF Performance: View ETF performance across key asset classes and investing themes
ETF Investing Guide: Learn how to build and manage a well-diversified, low cost ETF portfolio
ETF Selector: An explanation of how to select and use ETFs