- Associated Press - Monday, January 23, 2017

PINE BLUFF, Ark. (AP) - Arkansas-based Simmons First National Corporation says it plans to acquire Texas-based First Texas BHC, Inc., the parent company of Southwest Bank, in a transaction valued at about $462 million.

Under terms of an agreement announced Monday, First Texas’s shareholders will receive 6.5 million shares of the company’s common stock and $70 million in cash.

Completion of the transaction is expected during the third quarter and is subject to approval by the shareholders of First Texas and Simmons. After closing, Southwest will continue operations as a separate bank subsidiary until it is merged into Simmons Bank.

George A. Makris, Jr., chairman and CEO of Simmons, says the company entered the Texas markets last year and has a chance to grow by joining one of the most respected financial organizations in Texas.

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