Simmons acquires another failed Missouri bank
10/22/2012 4:57 PM
10/22/2012 4:59 PM
Simmons First National Bank is growing its footprint in other states through acquisitions of troubled banks. Its area chief executive said Monday that the bank is on a separate growth track locally.
Its bank holding company, Simmons First National Corp., has acquired $201 million in assets of Excel Bank in Sedalia, Mo., from the Federal Deposit Insurance Corp. Excel was closed Friday by the Missouri Division of Finance, which appointed the FDIC as receiver.
The acquisition added four branches to Simmons First’s branch network, in Sedalia, Green Ridge, Lee’s Summit and Kirkwood. The Lee’s Summit branch will be part of Simmons’ Kansas region, said Andrea Scarpelli, Kansas region community president.
Scarpelli said there are a few indirect benefits from the Excel acquisition for the bank in Wichita, including a larger branch network and more assets, which means a greater lending capacity.
Meanwhile, the Pine Bluff, Ark.-based bank has been growing its local business by way of agriculture lending and commercial lending, Scarpelli said.
She said since January the bank, which operates two Wichita branches, has increased its commercial lending business by 20 percent. It will also be looking to hire a second commercial lender starting this month, she said.
The acquisition of Excel Bank is the second Missouri bank Simmons has acquired in as many months.
In September it acquired Truman Bank in the St. Louis area, and the bank’s network now has 57 branches in Arkansas, Kansas and Missouri.
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