Simmons First National Corporation Announces Agreement To Acquire Hardeman County Investment Company, Inc.

PINE BLUFF, Ark., Nov. 17, 2016 (GLOBE NEWSWIRE) -- Simmons First National Corporation (NASDAQ:SFNC) announced today that it has entered into a definitive agreement and plan of merger (" Agreement") with Hardeman County Investment Company, Inc. (" Hardeman"), headquartered in Jackson, Tennessee, including its wholly-owned bank subsidiary, First South Bank (" FSB").  According to the terms of the Agreement, Simmons First National Corporation (" Simmons" or " Company") will acquire all of the outstanding common stock of Hardeman in a transaction valued at approximately $72.2 million (based on the Company's common stock ten-day average closing price as of November 15, 2016). 

"The combination of First South Bank and Simmons Bank presents a great opportunity for additional growth with expanded products and services in markets very important to our company.  The addition of First South Bank strengthens our presence in western Tennessee and gives us a partner that shares common goals, experiences, cultures, and reputations as outstanding community bankers and corporate citizens," said George A. Makris, Jr., Simmons' Chairman and CEO.  "For over one hundred years, the leadership of FSB has been dedicated to building a franchise focused on excellence in customer service.  That's a tradition we highly value, and one we certainly intend to continue to observe."

Hardeman's Financial Highlights (as of September 30, 2016):
  • Assets:             $464 million
  • Loans:              $260 million
  • Deposits:          $372 million
  • Branches:         10 in western Tennessee

"We at Hardeman are thrilled about the merger of our company with Simmons," said C. Edward "Ed" Woodside, Hardeman's Chairman.  "Simmons' roots in similar markets and commitment to meeting the financial service needs of its customers give me every confidence that we have found the perfect strategic partner.  We are excited about the additional products and services Simmons brings to the table for our customers, and we have no doubt that our associates will benefit from being a part of a fast-growing, top-notch banking organization."

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