Simmons First Announces Expansion Into Kansas

PINE BLUFF, Ark., Oct. 15, 2010 (GLOBE NEWSWIRE) -- Simmons First National Corporation (Nasdaq:SFNC) announced today that its wholly-owned bank subsidiary, Simmons First National Bank, has entered into a purchase and assumption agreement with loss share arrangements with the Federal Deposit Insurance Corporation (the "FDIC") to purchase substantially all of the assets and to assume substantially all of the deposits and other liabilities of Security Savings Bank, FSB in Olathe, Kansas. Simmons First, as a result of this agreement, expands its footprint outside the Arkansas borders for the second time. Security Savings Bank was closed today by the Office of Thrift Supervision, which appointed the FDIC as receiver.

The former Security Savings Bank locations will open at their normal banking hours on October 16, 2010, as Simmons First National Bank financial centers and all former Security Savings Bank customers will be able to conduct banking business as usual. Depositors of Security Savings Bank will automatically become depositors of Simmons First National Bank, and deposits will continue to be insured by the FDIC. Depositors may access their accounts as usual through automated teller machine transactions, checks, online banking and debit card transactions. Checks drawn on Security Savings Bank will continue to be processed, and loan customers should continue to make their customary payments. Customers may continue banking as usual and feel confident that their deposits are secure, now backed by one of the country's strongest and safest financial institutions.

"This acquisition is the second of several that we anticipate making over the next two to three years, which is the reason we raised $70.5 million in additional capital in November, 2009," said J. Thomas May, Chairman and CEO. "Earlier in the year we announced the purchase of Southwest Community Bank in Springfield, Missouri which was a good first step for expanding beyond the borders of Arkansas. The acquisition of Security Savings Bank in Olathe, Kansas is a natural extension of our footprint. Security Savings has nine locations with four in the Kansas City Metropolitan area, three in Salina, Kansas, and two in Wichita, Kansas. Simmons First has built its franchise around a community banking philosophy, thus this acquisition is a natural extension of that strategy. In addition, we believe the Kansas market represents a good opportunity to expand our current niche of agriculture lending. With this acquisition, Simmons First will be serving its customers from 85 financial centers in 46 communities in three states, including Springfield, Missouri; Salina, Kansas; Wichita, Kansas; Overland Park, Kansas; Leawood, Kansas and Olathe, Kansas."