Simmons First National Corp. announced it has completed the acquisition of Spirit of Texas Bancshares, Inc. (Spirit), the parent company of Spirit of Texas Bank SSB, based in Conroe, TX. A definitive agreement to acquire Spirit was previously announced on Nov. 19, 2021, with Spirit’s shareholders approving the transaction in February 2022.
As a result of the acquisition, Spirit of Texas Bank SSB was merged into Simmons Bank (the subsidiary bank of Simmons), with Simmons Bank as the surviving institution. Conversion of technology systems and customer accounts for Spirit of Texas Bank SSB were completed, with former Spirit of Texas Bank SSB branches opening under the Simmons Bank name on April 11.
“Our acquisition of Spirit further enhances the size and scale of our Texas franchise and positions us to increase shareholder value over time by bringing our broad array of products, services and leading-edge digital capabilities to new markets and clients,” said George A. Makris, Jr., Chairman and CEO of Simmons. “We are grateful to the hundreds of associates across the combined organization who have worked tirelessly to help achieve this milestone in less than five months. With a shared commitment to serving our customers and supporting the communities where we live and work, we are well positioned to capture future growth in the Lone Star State.”
Spirit ranked among Fortune’s 2021 100 Fastest-Growing Companies. With the completion of this acquisition, Simmons has approximately $28 billion in assets, $14.3 billion in loans and $22.1 billion in total deposits based on data as of Dec. 31, 2021. In Texas, the addition of Spirit will more than double Simmons’ size and scale with footings totaling approximately $4.8 billion in loans and $4.9 billion in deposits based on data as of Dec. 31, 2021, while increasing the number of branches to 57, located primarily in the fast-growing Texas Triangle.
Under the terms of the definitive agreement, each share of Spirit common stock was converted into 1.0016722 shares of Simmons common stock, with cash paid in lieu of fractional shares and to cash out Spirit stock options and warrants that were outstanding immediately prior to the effective time of the merger.