Simmons Bank will be acquiring two Tennessee-based banks in two separate deals.
The Pine Bluff-based bank will be acquiring Triumph Bancshares Inc., headquartered in Memphis, Tenn., and Landmark Community Bank, headquartered in Collierville, Tenn. Triumph Bancshares is the parent company of Triumph Bank.
Currently, the banks are entered into definitive acquisition agreements. Once completed, the two combined agreements will create the ninth largest bank in Tennessee, according to a Simmons Bank release. As of March 31, 2021, Simmons was the 13th largest bank in Tennessee.
Simmons will be the 6th largest bank in Memphis and the 15th largest bank in Nashville, increasing its ranking from 35th and 20th, respectively.
“Landmark and Triumph are two successful, local community banks who share our philosophy of a strong credit culture, significant community involvement and a passion for delivering excellent customer service,” Simmons Bank chairman and CEO George A. Makris, Jr. said in a statement. “The opportunity to combine forces with these two institutions also highly complements our existing footprint in Tennessee and enhances our scale in two of our key growth markets – Memphis and Nashville. In addition to cultural and geographic synergies, the financial metrics of these mergers are compelling and consistent with our M&A strategy of partnering with high-quality banks within our current footprint that represent an efficient use of our capital and delivers on our commitment of building long-term value for our shareholders. We’re very excited to welcome our newest partners to the Simmons organization.”
Landmark had total assets of $1 billion, while Triumph had assets of $0.9 billion. Combining these assets, Simmons will have a total asset count of $25.2 billion.
In addition, Landmark had $0.8 billion in loans and $0.8 billion in deposits as of March 31, while Triumph had $0.7 billion in loans and $0.8 billion in deposits.
This acquisition will add 14 branches to Simmons total, with eight from Landmark and six from Triumph. Simmons, currently with 198 branches, will have a total of 212 branches once the deals are finalized.
According to Simmons Bank, the combined purchase price for the acquisitions is 147 percent of the combined tangible book value for Landmark and Triumph as of March 31. Both deals have been approved by Landmark’s and Triumph’s boards of directors with regulatory approval pending.
The acquisitions are expected to close in the fourth quarter of 2021.
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