Simmons First National Continues Its Charge
Simmons First: Adeptly Playing 'Let's Make A Deal'
May 28, 2014, 9:11 AM
Sep. 13, 2013, 9:33 AM
- 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.
Simmons First National Corp. operates as a bank holding company. The company owns eight community banks that are strategically located throughout Arkansas and conduct their operations. Its main subsidiary bank, Simmons First National Bank and other subsidiaries, provide complete banking services... More
Industry: Regional - Southeast Banks
Country: United States
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