Stephen Rosenman
Long/short equity, Deep Value, special situations

Simmons First National Corporation: Acquisition Might Challenge Balance Sheet

Arkansas has a lot to offer - decent weather, lakes and forest, inexpensive housing. But, it's the state's regional banks that should draw investor's interests. Three banks stand out: Bank of the Ozarks (NASDAQ:OZRK), Home Bancshares (NASDAQ:HOMB), and Simmons First National Corporation (NASDAQ:SFNC). Each has set on a course of aggressive acquisitions. In aggregate, they have made an astounding 27 acquisitions since 2010 (SFNC-2 live, 4 dead; OZRK-4 live, 7 dead; HOMB-7 dead, 2 live, 1 bankruptcy). Outside their Arkansas home base, each has focused on different regions of the country to make their acquisitions. OZRK has gravitated to Texas, the Carolinas and Georgia. HOMB has focused on Florida. SFNC has purchased Missouri and...

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